The Marginal Product of Labor Is Equal to the

question 398

Multiple Choice

The marginal product of labor is equal to the

• A)incremental cost associated with a one unit increase in labor.
• B)incremental profit associated with a one unit increase in labor.
• C)increase in labor necessary to generate a one unit increase in output.
• D)increase in output obtained from a one unit increase in labor.

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Definitions:

Manufacturing Industries

Sectors of the economy that transform raw materials into finished products through mechanical, physical, or chemical processes.

Same Industry

Refers to businesses and organizations that produce or provide similar goods and services.

Geographic Region

A specific area or section of space characterized by a particular set of features, whether natural, man-made, or social.

Dumping

Selling a product abroad for less than charged in the home market or for less than the cost of production