Table 13-5 -Refer to Table 13-5.The Marginal Product of the Third Worker

question 236

Multiple Choice

Table 13-5

-Refer to Table 13-5.The marginal product of the third worker is

• A) 1,000 units.
• B) 900 units.
• C) 700 units.
• D) 500 units.

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Definitions:

Marginal Revenue Product

Incremental revenue obtained from the use of one more unit of a production input, such as labor or capital.

Marginal Physical Product

The additional output resulting from using one more unit of a physical input, holding all other inputs constant.

Complement To Labor

Goods, services, or technologies that enhance the productivity or efficiency of labor.

Demand Curve For Labor

A graphical representation showing the relationship between the quantity of labor demanded by employers and the wage rate.