Which of the Following Describes the Marginal Product of Labor

question 68

Multiple Choice

Which of the following describes the marginal product of labor?

• A) It is the additional amount of consumer goods that can be bought from an additional hour's worth of work.
• B) It is the additional amount of inputs a firm demands based on a change in consumer demand for the output.
• C) It is the additional amount of output that can be produced from hiring one more worker.
• D) It is the decreasing amount of output that can be produced from hiring one more worker.
• E) It is the value of production from the last worker hired.

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Definitions:

Standard Deviation

A measure of the dispersion or spread of a set of data points relative to its mean, indicating how spread out the data points are.

Test Statistic

A value calculated from sample data during hypothesis testing, used to determine whether to reject the null hypothesis.

Critical Value

A threshold in a statistical test that defines the boundary for deciding whether a test statistic leads to the rejection of the null hypothesis.

Sample Mean

The average of all the data points in a sample, used as an estimate of the population mean.