If the Extra Output That Is Produced by Hiring One

question 24

Multiple Choice

If the extra output that is produced by hiring one more unit of labour adds more to _____ than to _____,the firm will increase its profit by increasing the use of labour.

• A) total cost;total revenue
• B) total revenue;total cost
• C) marginal cost;marginal revenue
• D) marginal product;marginal cost

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Definitions:

Labour unions

Organizations formed by workers from related fields that work for the betterment of their members' working conditions, wages, and benefits.

Occupational groups

Categories of jobs that are similar in terms of the tasks, duties, and responsibilities they entail, often used in the study of careers and labor markets.

Organic solidarity

A concept in sociology that describes the social cohesion based on the interdependence of individuals in advanced, industrial societies, as opposed to the similarities in a more traditional society.

Door to door sales

The direct selling of products or services to consumers at their residences without prior invitation or appointment.