A fiRm's Output Increases from 1760 Units to 1890 Units

question 23

Multiple Choice

A firm's output increases from 1760 units to 1890 units when labour employed increases from 147 to 148 workers. The marginal product of labour is _____ units.

• A) 1890
• B) 1130
• C) 130
• D) 189

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Definitions:

Success Secrets

Strategies or insights considered instrumental in achieving personal or professional success.

Incentives

Have two pieces: a performance evaluation metric, like sales, profit, or investment return, and a reward scheme that rewards better performance, like a bonus, the promise of a promotion, or a commission. Performance evaluation metrics can be objective or subjective.

Supplier Power

The influence suppliers have over the market or customer base, often due to lack of competition, affecting prices, quality, and availability.

Sourcing Inputs

Involves the process of finding and obtaining the necessary resources, materials, or components required to manufacture a product or provide a service.