Marginal product of labor is:
a. the extra output produced by an additional worker, all else unchanged.
b. the extra wage earned by an additional worker, all else unchanged.
c. the total output produced when an extra worker is hired.
d. the total revenue earned when an extra worker is hired.
A
You might also like to view...
People who end up in prison are particularly subject to ________
A) higher cyclical unemployment B) higher structural unemployment C) lower cyclical unemployment D) lower seasonal unemployment
Scarcity:
a. allows businesses to take advantage of economies of scale. b. means that human wants for goods, services and resources exceed what is available. c. means that as the level of production increases, the average cost of producing each individual unit declines. d. only refers to resources, such as labor, tools, land, and raw materials.