The Extra Revenue That Results from Hiring Another Worker Is

question 125

Multiple Choice

The extra revenue that results from hiring another worker is

• A)the marginal revenue of output.
• B)the marginal revenue product of labor.
• C)the average revenue of output.
• D)the marginal input cost.

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Definitions:

Significance Level

A predetermined threshold for determining statistical significance in hypothesis testing, typically set at 0.05, which represents the risk of committing a Type I error.

T-statistic

A ratio of the departure of an estimated parameter from its notional value and its standard error.

Directional Hypothesis

A hypothesis that specifies the direction of the expected difference or relationship between variables.

Null Hypothesis

A default statement that indicates no effect or no difference, used as a starting point for statistical hypothesis testing.