The Marginal Product of Labor Is Defined as

question 212

Multiple Choice

The marginal product of labor is defined as

• A)the additional sales revenue that results when one more worker is hired.
• B)the additional output that results when one more worker is hired, holding all other resources constant.
• C)the additional number of workers required to produce one more unit of output.
• D)the cost of hiring one more worker.

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Definitions:

Wages Expense

This is the total amount of wages paid by a company to its employees for a specific period of time.

Cash

Liquid currency and equivalents that a company can use immediately for transactions.

Wages Payable

A liability account that represents the amount of wages owed to employees for work that has been performed but not yet paid.

Unearned Rent

Income received for rent that has not yet been earned because the rental period has not taken place.