The Marginal Revenue Product of Labour Is the Change in the Value

question 98

Multiple Choice

The marginal revenue product of labour is the change in the value of the firm's output resulting from

• A)a change in the product's price.
• B)an increase in the marginal physical product of labour.
• C)a change in the wage rate paid to labour.
• D)producing one more unit of output.
• E)hiring one more unit of labour input.

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Definitions:

Metering Strategy

Approaches used by companies to measure and charge for services based on usage or consumption.

Doll Accessories

Items designed to complement or enhance the play value or display of dolls, such as clothing, furniture, or vehicles.

Tie-in Sale

A sales technique where one product or service can only be purchased if another product or service is bought simultaneously.

Bundling

The practice of offering multiple goods for sale as one combined product.