The Marginal Product of Labor Is Defined As

question 16

Multiple Choice

The marginal product of labor is defined as:

• A) the additional output produced by the last ∆L units of labor hired.
• B) the amount of output divided by the amount of capital used to produce the output.
• C) the amount of output produced multiplied by the last ∆L units of labor hired.
• D) the amount of output divided by the number of workers employed.

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Definitions:

Service Revenue

Income earned by a company through providing services as opposed to selling physical goods.

Salaries Payable

An account that records the amount owed to employees for work performed but not yet paid.

Payroll

The total amount paid to employees for services they provided during a certain period of time.

Accrued Revenues

Revenues earned in one accounting period but not received until a later period.