The additional revenue a firm obtains when it hires an additional worker (holding other inputs constant) is the
A) marginal revenue product (MRP) of labor.
B) total factor cost (TFC) per worker.
C) general rule for hiring.
D) marginal physical product (MPP) of labor.
Answer: A
Economics
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An adverse supply shock, such as a reduced supply of raw materials, would
A) increase the marginal product of labor. B) decrease the marginal product of labor. C) decrease the marginal product of capital, but have no effect on the marginal product of labor. D) not affect the marginal product of labor.
Economics
Which is NOT a function of money?
Economics