The Marginal Product of Labor Is
A)the Value of Output $$\text { Figure } 3.1$$

question 11

Multiple Choice

The marginal product of labor is

• A)the value of output for an addition dollar's worth of input.
• B)output divided by the quantity of labor.
• C)the additional output produced by adding an additional unit of labor.
• D)the price of the output produced by increasing labor. \[\text { Figure } 3.1\]

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Definitions:

Marginal Revenue

The additional revenue that a company receives from selling one more unit of a good or service.

Output Effect

The impact on total production and revenue when a firm alters the quantity of output produced, holding other factors constant.

Monopolist's Profit

The excess earnings a monopolist achieves due to the lack of competition, allowing for pricing above marginal cost.

Maximize Profit

The process or strategy of adjusting the production and sales operations of a company to generate the highest possible return or profit.