The Marginal Revenue Product of Labor Is Equal to

question 10

Multiple Choice

The marginal revenue product of labor is equal to

• A) MP_L P.
• B) MP_L / P.
• C) MP_L * MR.
• D) MP_L / MR
• E) MR / MP_L

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Definitions:

Utilitarianism

An ethical theory that suggests the best action is the one that maximizes utility, often defined as maximizing happiness and reducing suffering.

Ethical Relativism

The theory that moral principles are not universal but instead vary depending on culture, individual perspective, or societal norms.

Objective Standards

Criteria established by facts or law to make judgments based on unbiased benchmarks or guidelines rather than personal feelings or opinions.

Act Utilitarianism

A form of utilitarianism that evaluates the morality of actions based on the amount of happiness they produce in the outcome.