The Value of the Marginal Product of Labor, VMP_L, for the Perfectly

question 47

Multiple Choice

The value of the marginal product of labor, VMP_L, for the perfectly competitive firm equals

• A)The total revenue the firm will get by selling the equilibrium amount of output
• B)The extra revenue the firm gets by selling the output of one additional unit of labor
• C)The revenue from the sale of one more unit of output
• D)The price of the product being produced by labor

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Definitions:

Defence Mechanism

Subconscious methods employed to safeguard someone from the anxiety that stems from impermissible sentiments or thoughts.

Reaction Formation

A defense mechanism where an individual unconsciously replaces an anxiety-producing or unacceptable thought or feeling with its opposite.

Unrealistic Amounts

Quantities or levels that are not achievable or practical based on current conditions, capacities, or resources.

Psychodynamic Theory

An approach in psychology that emphasizes systematic study of the psychological forces underlying human behavior, feelings, and emotions and how they might relate to early experience.