The Figure Given Below Represents Equilibrium in the Labor Market

question 39

Multiple Choice

The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor

-The value of the marginal product of a resource is equal to:

• A)the marginal revenue of the firm, if the product market is perfectly competitive.
• B)the market price of the product divided by the price of the resource.
• C)the market price of the product divided by the marginal product of the resource.
• D)the marginal revenue product of the resource, if the product market is perfectly competitive.
• E)the marginal product of the resource divided by the price of the resource.

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Definitions:

Supply Chain Management

Supply Chain Management is the oversight of materials, information, and finances as they move from supplier to manufacturer to wholesaler to retailer to consumer.

Traditional Management Accounting Systems

Accounting practices that focus primarily on financial information and cost control to aid management in decision-making.

Environmental Costs

Expenses associated with the actual or potential deterioration of natural resources, environmental quality, or public health due to production processes or operations.

Operational Performance Indicator

Metrics or measurements used to assess the efficiency and effectiveness of a company's operations in achieving its objectives.