The marginal product of labor (MPL) measures ________
A) by how much labor increases for each additional unit of output
B) by how much labor increases for each additional unit of capital
C) by how much total factor productivity increases for each additional unit of labor
D) by how much labor increases for each additional unit of productivity
E) by how much output increases for each additional unit of labor
E
You might also like to view...
When two firms in a perfectly competitive market seek to maximize profit in the long run, they eventually end up:
A) producing at a suboptimal level. B) minimizing total cost of production. C) earning the same level of profits. D) producing the same level of output.
Which of the following clearly restricts competition?
A) A government policy restricting entry into the market B) A government policy that reduces tariffs on foreign imports C) A business sets price below cost. D) A business sets price above cost. E) Any business pricing scheme that successfully draws customers away from its rivals