Marginal Revenue Product Describes the

question 62

Multiple Choice

Marginal revenue product describes the

• A)output produced by the last unit of labor employed.
• B)revenue received for the last unit of output produced.
• C)price a consumer paid for the last unit of output produced.
• D)revenue received for the additional output produced by the last unit of labor employed.

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Definitions:

P-value

A statistical measure that helps to determine the significance of results obtained in hypothesis testing.

Observed Value

The actual data point or result that is measured or collected in an experiment or study.

Dependent Populations

Populations in which the members or subjects are not independent of each other, meaning the selection or outcome of one influences another.

One-tailed Test

A hypothesis test where the region of rejection is on only one side of the sampling distribution.