The additional revenue obtained by a firm when it hires an additional worker, holding other inputs constant, is
A) the marginal physical product of labor.
B) the marginal revenue product of labor.
C) the marginal cost of labor.
D) equal to total revenue divided by the number of workers.
B
Economics
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The lemons problem occurs mainly because of
A) asymmetric information. B) a market failure. C) negative externality. D) a monopoly.
Economics
For a monopsonist, the marginal factor cost is always:
a. equal to the wage rate. b. less than the wage rate. c. greater than the wage rate d. the same as the labor supply. e. the same as the labor demand.
Economics