What Is Marginal Revenue Product of Labour for a Competitive

question 239

Multiple Choice

What is marginal revenue product of labour for a competitive seller?

• A)The change in total product from hiring one more worker.
• B)Equal to the marginal product of labour multiplied by the output price.
• C)The output price multiplied by the quantity sold.
• D)The marginal revenue of the product multiplied by the output price.

Understand the concept and significance of keystone species, ecosystem engineers, and primary consumers in ecosystems.

Comprehend the impact of invasive species and community change on ecosystem function and stability.

Recognize different ecological strategies for colonization and survival following disturbances.

Identify mechanisms through which species interactions facilitate coexistence and competition within communities.

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Definitions:

Full Employment

A situation in which all available labor resources are being used in the most efficient way possible, implying minimal involuntary unemployment.

Economic Goal

Objectives that societies or governments aim to achieve to ensure long-term sustainable prosperity.

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible, typically with low unemployment.

Cyclical Unemployment

The component of overall unemployment that results from economic recessions or expansions, directly correlating with the cyclical trends in the growth of the economy.