How Is the Marginal Product of Labour Defined

question 99

Multiple Choice

How is the marginal product of labour defined?

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

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Definitions:

Central Tendency

Statistical measures that describe the center or typical value of a dataset, including mean, median, and mode.

Expected Value

The weighted average of all possible outcomes of a random variable, with weights being their respective probabilities of occurrence.

Weighted Average

A calculation that takes into account the different weights or importance of some elements in a data set, providing a mean value that reflects these weights.

Standard Deviation

A numerical indicator that calculates the degree of spread or deviation of data points from their average.