What Is the Extra Output Received from the Hiring of an Extra

question 41

Multiple Choice

What is the extra output received from the hiring of an extra worker?

• A) The total product of labour.
• B) The value of marginal product of labour.
• C) The marginal product of labour.
• D) The average product of labour.
• E) The value of average product of labour.

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Definitions:

Rationality

The quality of being based on or agreeable to reason; the ability to make logical, sensible decisions.

Ethical Relativism

The belief that morality is context-dependent and subjective, varying from one culture or individual to another.

Situational Ethics

An ethical theory that proposes the best ethical action is that which serves the particular circumstances, as opposed to following universal predetermined rules.

Central Authority

The main governing body or administrative organization that has the overarching control or oversight within a certain area or field.