The Value of the Marginal Product of Labour Is Equal

question 14

Multiple Choice

The value of the marginal product of labour is equal to the change in:

• A)total revenue with the addition of the last worker
• B)total cost with the addition of the last worker
• C)total profit with the addition of the last worker
• D)marginal cost with the addition of the last worker

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Definitions:

Contract

A contract is an official agreement among two or more individuals creating reciprocal legal duties that can be upheld in court.

Emancipated

The condition of being freed from legal, social, or political restrictions; commonly referring to a minor legally recognized as capable of acting as an adult.

Age of Majority

The legal age at which an individual is considered an adult and responsible for his or her own actions, varying by jurisdiction.

Legal Capacity

The ability of an individual or entity to enter into legally binding contracts, recognizing that the person has the requisite age and mental capability to understand and agree to the terms.