The Marginal Revenue Product of Labor Is Defined as

question 20

Multiple Choice

The marginal revenue product of labor is defined as

• A)the change in the firm's revenue as a result of selling one more unit of output.
• B)the change in the firm's output as a result of hiring one more worker.
• C)the change in the firm's profit as a result of hiring one more worker.
• D)the change in the firm's revenue as a result of hiring one more worker.

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Definitions:

Recover Damages

The process of obtaining compensation from another party due to a loss or injury they caused.

Resell

The act of selling a product or service previously purchased, often for the purpose of earning a profit.

Cartel

An agreement among competing firms to control prices, production, and marketing of goods, limiting competition.

Tin

A chemical element with the symbol Sn and atomic number 50, known for its malleability and resistance to corrosion.