When Labor Is Hired in a Competitive Market,the Value of the Marginal

question 156

Multiple Choice

When labor is hired in a competitive market,the value of the marginal product of labor is computed by:

• A)multiplying the price of the output by the marginal product of labor.
• B)multiplying the price of the output by the wage paid to labor.
• C)multiplying the wage paid to labor by the marginal product of labor.
• D)dividing the marginal product of labor by the price of the output.

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Definitions:

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The highest level of power or decision-making within a governmental structure, which oversees and guides the functioning of all other levels.

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