When a Firm Hires an Additional Unit of Labor, the Increase

question 4

Multiple Choice

When a firm hires an additional unit of labor, the increase in a firm's total revenues is known as the marginal:

• A) cost.
• B) product.
• C) utility product.
• D) revenue product.

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Definitions:

Negotiable Instrument

A written promise certifying the payment of a certain sum of money, either upon request or at a predetermined date, with the document specifying the individual responsible for payment.

Value

Under the Code (except for negotiable instruments and bank collections), generally any consideration sufficient to support a simple contract.

Qualified Indorsement

An endorsement on a negotiable instrument that limits the liability of the endorser or specifies particular conditions for the endorsement's validity.

Liability

A legal responsibility or obligation, often involving financial compensation, that arises from actions or agreements.