The Change in a Firm's Revenue as a Result of Hiring

question 252

Multiple Choice

The change in a firm's revenue as a result of hiring one more worker

• A)is the definition of the marginal product of labor.
• B)is equal to the firm's marginal cost.
• C)is the definition of the marginal revenue product of labor.
• D)will be negative if the demand for the firm's output is inelastic.

Identify the advantages of using cloud-based accounting software like QBO for real-time data access and management.

Understand the concept of bounded rationality and its implications on decision-making.

Comprehend the role and impact of change competency in organizational risk management.

Recognize the significance of adopting new technologies in reducing errors and improving efficiency.

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Definitions:

Marginal Social Benefit

The additional benefit received by society as a whole from the production or consumption of one more unit of a good.

Marginal Social Benefit

The additional gain to society as a whole from an additional unit of a good or service, considering both private benefits and externalities.

Marginal Benefit Curve

The Marginal Benefit Curve is a graphical representation showing how the benefit or utility from consuming each additional unit of a good decreases as more units are consumed.

Government Intervention

Regulatory actions taken by a government in order to affect or interfere with decisions made by individuals, groups, or organizations regarding economic and social matters.