What Is the Value Marginal Product of Labor If: P

question 144

Multiple Choice

What is the value marginal product of labor if: P = $10,MP_L = $25,and AP_L = 40?

• A) $10,000
• B) $1,000
• C) $400
• D) $250

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Definitions:

Abstract Concepts

Ideas that do not have a physical, tangible reality and are often complex, such as justice, love, or freedom.

Factor Analysis

A statistical method used to describe variability among observed, correlated variables in terms of a potentially lower number of unobserved variables called factors.

Flynn Effect

The observed rise over time in standardized intelligence test scores, attributed to various factors such as improved nutrition, education, and environment.

Standardization

Defining meaningful scores by comparison with the performance of a pretested group.