What Is the Difference Between Labour's Marginal Product and Marginal

question 89

Multiple Choice

What is the difference between labour's marginal product and marginal revenue product?

• A) The marginal product of labour is the increase in output as a result of hiring an additional worker, while the marginal revenue product of labour is the increase in profit as a result of hiring an additional worker.
• B) The marginal revenue product of labour is the dollar value of hiring an additional worker, while the marginal product of labour is the increase in the firm's physical output as a result of hiring an additional worker.
• C) The marginal product of labour is the additional labour's contribution to the firm's total output, while the marginal revenue product is the additional labour's contribution to the firm's total sales revenue.
• D) Labour's marginal product is a measure of labour's productivity, while labour's marginal revenue product is a measure of labour's ability to sell the firm's products.

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Definitions:

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The measurable results or benefits delivered to recipients through the provision of services, often evaluated to assess effectiveness or impact.

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Techniques used to monitor progress and provide feedback during the development or improvement of a project, program, or instruction, allowing for timely adjustments.

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