Assuming Labor Is the Only Variable Factor of Production, Production

question 161

Multiple Choice

Assuming labor is the only variable factor of production, production of a good will not occur

• A) as long as the marginal revenue product of labor is positive.
• B) if society values a good less than it costs firms to hire the workers to produce the good.
• C) as long as the productʹs price is less 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:

Gender Gap

The difference in attitudes or behaviors between women and men, often observed in voting patterns and political opinions.

Supportive

Being supportive entails providing encouragement, assistance, or emotional help to someone.

Religious Affiliation

The identification of an individual with a particular religion or faith group.

Americans

Citizens or residents of the United States of America.