The Marginal Product of Labor Is Equal to the

question 307

Multiple Choice

The marginal product of labor is equal to the

• A) total product divided by the total number of workers hired.
• B) increase in the total product that results from hiring one more worker with all other inputs remaining the same.
• C) slope of the marginal product of labor curve.
• D) None of the above answers are correct.

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Definitions:

Two-part Tariff

A pricing strategy that involves a fixed fee in addition to a variable charge for each unit of the product consumed.

Marginal Revenue Curves

A graphical representation showing how marginal revenue varies as the quantity of output changes, commonly used by firms to make decisions about production and pricing.

Cross Town Tollway

A toll road designed to facilitate quicker transportation across a town or city, often requiring payment for use.

Rush Hour

A period during the day when traffic congestion is at its highest, often due to people commuting to or from work.