The Additional Income Generated When a Firm Employs One Additional

question 9

Multiple Choice

The additional income generated when a firm employs one additional unit of human resources, with other production factors held constant is known as the marginal ________.

• A)revenue of labour
• B)cost of labour
• C)input
• D)net income
• E)labour expenditure

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Definitions:

Trial-And-Error

A problem-solving method involving repeated, varied attempts which continue until success, or until the agent stops trying.

Invincibility Fable

A cognitive bias commonly found in teenagers and young adults, characterized by the belief that they are exempt from common vulnerabilities and dangers.

Adolescent Egocentrism

A characteristic of adolescent thinking that leads to an over-focus on the self and a failure to recognize other people's perspectives.

Intuitive Thought

A process of thinking that involves knowing something without analytic reasoning, often based on experiences and feelings.