The Marginal Product of Labor Is Defined as

question 64

Multiple Choice

The marginal product of labor is defined as

• A)the change in total revenue that results when an additional unit of a labor is hired.
• B)the additional labor required to produce one more unit of output.
• C)the additional labor cost of producing one more unit of output.
• D)the change in output that a firm produces as a result of hiring one more worker.

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Definitions:

Supply Curve

A graph depicting the relationship between the price of a good and the quantity of the good that suppliers are willing and able to sell, typically upward sloping.

Price Elasticity

A measure indicating the degree to which product demand is affected by price shifts.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a specified period.

Price Increase

A Price Increase refers to a rise in the cost of goods or services that can occur due to various factors like inflation, increased production costs, or higher demand.