Marginal Product of Labor Is

question 53

Multiple Choice

Marginal product of labor is:

• A)the extra output produced by an additional worker, all else unchanged.
• B)the extra wage earned by an additional worker, all else unchanged.
• C)the total output produced when an extra worker is hired.
• D)the total revenue earned when an extra worker is hired.

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Definitions:

Housing Supply

The total amount of available housing units in a region at any given time, including rental properties and homes for sale.

Equilibrium Quantity

The level of goods or services available and in demand at the point of price stability.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers in a market.

Equilibrium Quantity

The quantity of goods or services supplied is exactly equal to the quantity of goods or services demanded in the market.