The marginal product of labor is the
a. additional output produced when one more worker is hired
b. amount of output associated with labor inputs
c. maximum amount of output produced by a given set of inputs
d. maximum profit "produced" by selling a firm's output
e. additional cost associated with an additional unit of labor
A
Economics
You might also like to view...
Which of the following is the best example of an automatic stabilizer?
a. Welfare payments. b. Foreign aid c. Defense spending. d. Highway construction.
Economics
Suppose a union successfully negotiates a wage rate for its members that is above the competitive wage rate, then
A) there will be downward pressure on the wage rate until equilibrium is established. B) right-to-work laws become effective. C) there is a shortage of jobs. D) there is excess demand for labor.
Economics