The Marginal Product of Labor Multiplied by the Price of the Product

question 15

Multiple Choice

The marginal product of labor multiplied by the price of the product produced is called the

• A) value of the marginal product of labor.
• B) firm's supply curve of labor.
• C) revenue possibilities curve of labor.
• D) capitalization of labor curve.
• E) labor productivity curve.

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Definitions:

Dissonance

A state of mental conflict or inconsistency, often used to describe the tension arising from holding contradictory beliefs or attitudes.

Normative Influence

The pressure to conform to the expectations or norms of a group, influencing individuals to act in ways that are accepted by their social group.

Social Proof

A tendency to conform to what we believe respected others think and do.

Lowball

A sales technique where an item or service is initially offered at a lower price than is actually intended to be charged, after which the price is raised to increase profits.