The Marginal Revenue of Labour Is the Additional Output Associated

question 48

True/False

The marginal revenue of labour is the additional output associated with the employment of one additional human resources unit.

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Definitions:

Sole Proprietorship

An unincorporated firm owned and operated by one person.

Money Income

It refers to the total amount of monetary earnings received by an individual or household, including wages, salaries, and other forms of financial income.

Revenues

The sum of money a business acquires from selling goods or offering services over a certain time frame.

Households

Economic units that represent all individuals living in a single dwelling, sharing income and expenses; primary consumers in the economy.