The value of the marginal product of labor is the:
A) value of the output produced by all the workers in a firm.
B) contribution of an additional unit of labor to a firm's revenue.
C) extra output that is produced by hiring an additional unit of labor.
D) amount of output produced by the first unit of labor hired by a firm.
B
Economics
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Explain how it is possible for a downward-sloping demand curve to have a constant slope but still have a variation of elasticity of demand along it
What will be an ideal response?
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Refer to Figure 4-3. If the market price is $2.50, what is Kendra's consumer surplus?
A) $9.00 B) $7.50 C) $1.50 D) $0
Economics