What is the relationship between the value of marginal product of labor and the marginal product of labor?
What will be an ideal response?
VMP is equal to the price of a unit of the output, P, multiplied by the marginal product of labor, MP. So VMP = P ? MP.
You might also like to view...
The relationship between the unemployment rate and the natural unemployment rate is that the unemployment rate
A) fluctuates about the natural rate. B) equals the natural rate. C) is always below the natural rate. D) is always above the natural rate.
Assume the cost of certain inputs used to produce artificial Christmas trees increases and, at the same time, the economy moves into a recession, causing the incomes of consumers to decrease
Which of the following will happen to the equilibrium price and quantity of artificial Christmas trees? (Assume artificial Christmas trees are normal goods.) A) Price will increase; quantity cannot be determined. B) Price will decrease; quantity cannot be determined. C) Quantity will increase; price cannot be determined. D) Quantity will decrease; price cannot be determined.