The additional revenue earned from hiring one more worker is known as the
A) marginal physical product of labor.
B) marginal revenue product of labor.
C) marginal factor cost of labor.
D) marginal utility of labor.
B
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If firms in a monopolistically competitive industry are operating with economic losses, over time we would see
A) firms alter their advertising rates until they made at least normal profits. B) some firms exiting the industry, causing the market supply curve to shift to the left, raising price. C) some firms exiting the industry, causing the demand curves of the remaining firms to shift to the right. D) the firms working together to increase price and everyone's profitability.
Which is greater, gross domestic product or national income? By how much?
a. Gross domestic product < National income; indirect business taxes, depreciation, and income earned by foreigners in the United States b. Gross domestic product < National income; net exports and indirect business taxes c. Gross domestic product > National income; net exports and indirect business taxes d. Gross domestic product > National income; indirect business taxes, depreciation, and income earned by foreigners in the United States