The Marginal Product of Labour Is Defined as

question 86

Multiple Choice

The marginal product of labour is defined as

• A) the change in total revenue that results when an additional unit of a labour is hired.
• B) the additional labour required to produce one more unit of output.
• C) the additional labour cost of producing one more unit of output.
• D) the change in output that a firm produces as a result of hiring one more worker.

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Definitions:

Buyer and Seller

The two parties involved in a transaction where goods or services are exchanged for money or other compensation.

Prime Effect

A cognitive bias where an individual's exposure to a stimulus influences their response to a subsequent stimulus, without conscious guidance or intention.

Channel Conflict

A situation in marketing where conflicts arise between different distribution channels for the same product, potentially harming the brand or sales.

Rapid Delivery

The process of quickly transporting goods from the seller to the buyer, often emphasized in e-commerce to enhance customer satisfaction.