If the Extra Output That Is Produced by Hiring One

question 16

Multiple Choice

If the extra output that is produced by hiring one more unit of labor adds more to _ than to ________, the firm will increase its profit by increasing the use of labor.

• A)total cost; total revenue
• B)total revenue; total cost
• C)marginal cost; marginal revenue
• D)marginal revenue; marginal cost

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Definitions:

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, structured as a hierarchical pyramid with physiological needs at the base, ascending to self-actualization at the top.

Esteem Needs

According to Maslow's hierarchy, these are the fourth level of human needs, including self-esteem, confidence, achievement, and respect from others.

Self-Actualization Needs

The highest level on Maslow's hierarchy of needs, referring to the realization of a person's potential, self-fulfillment, seeking personal growth and peak experiences.

Decision Making

The process of selecting a course of action from multiple alternatives to achieve a specific goal or solve a problem.