Assuming Labor Is the Only Variable Factor of Production, Production

question 193

Multiple Choice

Assuming labor is the only variable factor of production, production of a good will occur

• A) as long as the marginal revenue product of labor is positive.
• B) if society values a good more than it costs firms to hire the workers to produce the good.
• C) as long as the product's price is greater than the marginal revenue product of labor.
• D) if the marginal cost of a unit of output equals the marginal revenue product of labor.

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Definitions:

Depersonalization Disorder

A mental disorder characterized by persistent or recurrent feelings of detachment from one’s own body, thoughts, feelings, or surroundings.

Flashbacks

Sudden, intense, involuntary re-experience of past memories or traumatic events, often a symptom of PTSD.

PTSD

Post-Traumatic Stress Disorder, a mental health condition triggered by experiencing or witnessing a terrifying event, characterized by flashbacks, nightmares, and severe anxiety.

Reexperiencing

The involuntary reliving of traumatic events, often a symptom of PTSD.