When Deciding Whether a Person Is "Worth" a Certain Salary

question 146

Multiple Choice

When deciding whether a person is "worth" a certain salary, economists will want to compare a person's __________ with his or her wage or salary.

• A)marginal physical product
• B)marginal revenue product
• C)marginal factor cost
• D)derived demand

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Definitions:

Solve For X

A common phrase used in mathematics to denote the process of finding the unknown value of x in an equation.

Negative Exponents

A mathematical operation indicating the reciprocal of a number raised to a positive exponent, e.g., x^-n = 1/x^n.

Polynomials

Polynomials are mathematical expressions that consist of variables and coefficients, involving operations of addition, subtraction, multiplication, and non-negative integer exponents.

Linear Equations

Mathematical equations where any variables appear to the power of one and graph as straight lines.