Marginal product of labor refers to the:
A. Last unit of output produced by labor at the end of each period
B. Increase in output resulting from employing one more unit of labor
C. Total output divided by the number of labor employed
D. Smallest unit of the output produced by labor
B. Increase in output resulting from employing one more unit of labor
You might also like to view...
Aunt Rose owned a dress shop on 81st Street and Broadway in Manhattan, selling limited-edition dresses to wealthy clients. One day, her landlord tripled her rent. What effect would this have on her dress price in the short run, assuming she is following the rules of profit maximization?
Which of the following examples of production of goods and services would be included in U.S. GDP?
a. Sally, a Canadian citizen, works on a drilling crew in North Dakota for Northland Gas Services, and Northland sells the natural gas to a utility company in Canada. b. Jim grows pecans for his family in the yard of their San Antonio home. c. Joe grows marijuana in his Kansas City home and sells it to his friends and neighbors. d. None of the above examples of production would be included in U.S. GDP.