The value of marginal product of labor is the change in
A) profit from hiring one more worker.
B) output from hiring one more worker.
C) total revenue from hiring one more worker.
D) profit from producing one more unit of output.
C
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A profit-maximizing monopolist
a. is just as socially efficient as a perfectly competitive firm in allocating resources to production since she, too, seeks the largest return on his investment. b. produces an output level at which marginal utility exceeds marginal cost. c. produces more output than a perfectly competitive industry. d. always produces in the inelastic region of his demand curve.
"Purchasing power" of money:
a. Is the value of money measured in terms of how many goods and services it will buy. b. Is the value of a currency expressed in a foreign currency. c. By definition, falls over any given period of time. d. Is the value of money adjusted for price differences among countries. e. Correlates positively with the inflation rate.