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

question 271

Multiple Choice

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

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

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Definitions:

Principles Of European Contract Law

A set of guidelines aimed at harmonizing contract law across European countries to facilitate cross-border trade and cooperation.

Member States

Countries or regions that are part of a larger federation, union, or association and abide by its regulations and benefit from its provisions.

Mailbox Rule

A legal principle stating that an offer is considered accepted once the acceptance is dispatched, not when it is received by the offeror.

Acceptance

In contract law, it refers to the act of agreeing to the terms of an offer, thereby creating a binding contract.