The Value of Marginal Product (VMP) of Labor Is the Extra

question 140

Multiple Choice

The value of marginal product (VMP) of labor is the extra revenue generated by

• A) selling one additional unit of output.
• B) raising the price of the good by one dollar.
• C) hiring one additional unit of labor.
• D) price discrimination.

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Definitions:

Bismuth

A chemical element with the symbol Bi, known for its crystalline structure and various applications including cosmetics and pharmaceuticals.

Calcium

A chemical element with the symbol Ca, an alkaline earth metal that is essential for living organisms, particularly in cell physiology and bone formation.

Chromium

A lustrous, hard, and brittle metallic element that is used primarily in metal alloys and as a compound in industrial processes.

Carbon

A chemical element with the symbol C and atomic number 6, essential for all life, known for its ability to form a vast number of compounds.