The Additional Output Produced When One Additional Worker Is Hired

question 72

Multiple Choice

The additional output produced when one additional worker is hired is referred to as the __________ of labor.

• A)marginal revenue product
• B)marginal revenue
• C)supply
• D)marginal product
• E)total revenue product

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Definitions:

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different consumers, based on factors like demand, market conditions, or consumer attributes.

Physically Separated

Refers to the distinct division or distance between entities or areas, often implying a lack of direct interaction or connection.

Price Discrimination

A pricing strategy where a company charges different prices for the same product or service to different customers, based on the willingness to pay.

Different Prices

The phenomenon where goods or services are sold at varying prices due to factors such as location, demand, or quality.