Marginal Product of Labour Is the Increase in Total Product

question 115

Multiple Choice

Marginal product of labour is the increase in total product that results from a

• A)one-unit increase in the quantity of labour employed, other inputs remaining the same.
• B)one-unit increase in the quantity of fixed inputs employed, holding the quantity of the variable inputs constant.
• C)one-unit increase in both the quantity of variable and fixed inputs.
• D)change in the cost of labour.
• E)1 percent change in the quantity of labour and the quantity of capital employed.

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Definitions:

Revenue Expected

The income that a company anticipates receiving from its normal business activities, such as sales of goods or services, during a specific period.

Planned Sales

Forecasted or projected revenue figures based on market analysis, historical data, and anticipated sales activities, important for budgeting and strategic planning.

Projected Sales

The estimated amount of sales revenue that a company expects to achieve in a future period based on market research and historical data.

Company Policy

Guidelines and rules established by a company to govern its actions and decisions.