The Greater the Value of Marginal Product of Labour

question 87

Multiple Choice

The greater the value of marginal product of labour,

• A)the greater is the supply of labour.
• B)the greater is the demand for labour.
• C)the greater is the marginal cost of production.
• D)the greater is unemployment.
• E)the lower is the wage rate.

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Definitions:

Flexibility

The quality of being able to adapt to new, different, or changing requirements and situations.

Process Innovation

The implementation of a new or significantly improved production or delivery method, enhancing efficiency or quality.

Paradigm Innovation

A significant shift in the fundamental concepts and practices of a particular domain or industry.

Product Development

The process of bringing a new product or service to the market, involving concept generation, design, development, and marketing.