The Increase in Revenue Created by Hiring One More Unit

question 3

Multiple Choice

The increase in revenue created by hiring one more unit of labour is the

• A) value of marginal product of labour.
• B) marginal revenue of labour.
• C) marginal product of labour.
• D) marginal product revenue of labour.

Recognize different parenting styles and their effects on child development.

Identify the biological and environmental factors influencing gender development and roles.

Describe the process and significance of gender typing in childhood.

Recognize the factors and risks associated with child maltreatment.

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Definitions:

Economic Profit

Profit exceeding the opportunity cost of resources used, indicating a return greater than the most lucrative alternative.

ATC Curve

Refers to the Average Total Cost curve, which represents the average cost per unit of output, calculated by dividing total cost by the quantity of output produced.

Excess Capacity

A situation where a firm is producing at a lower scale of output than it has been designed for.

Monopolistic Competitor

A firm operating in a market structure where many companies sell products that are similar but not identical, leading to competition based on product differentiation.