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:

Survivors

Individuals who have lived through a dangerous or life-threatening event or condition.

Too Much Alcohol

Consuming alcohol in quantities that exceed moderate drinking guidelines, potentially leading to negative health and social consequences.

Drinking Coffee

The consumption of coffee, a brewed drink prepared from roasted coffee beans, often associated with stimulating effects.

Sober Up

The process of becoming free from the effects of alcohol or drugs.