What Is the Value Marginal Product of Labor If: P

question 144

Multiple Choice

What is the value marginal product of labor if: P = $10,MP_L = $25,and AP_L = 40?

• A) $10,000
• B) $1,000
• C) $400
• D) $250

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Definitions:

Indifference Curves

A graph showing different bundles of goods between which a consumer is indifferent, depicting preferences and trade-offs.

Right Angles

An angle of 90 degrees, commonly found in various geometric figures.

Indifference Curve

A graph showing different combinations of goods among which a consumer is indifferent.

Budget Constraint

The limitation on the consumption bundles that a consumer can afford given their income and the prices of goods and services.