The Additional Output Obtained by Adding Another Unit of Labor

question 84

Multiple Choice

The additional output obtained by adding another unit of labor to the production process is called

• A)the marginal cost of labor
• B)the average output of labor
• C)a variable cost
• D)the marginal product of labor
• E)the marginal utility of labor

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Definitions:

Global

Pertaining to or involving the entire world; embracing all aspects of international relations, culture, and economic development.

Local Control

Pertains to the degree of authority and decision-making power retained at a local or regional level, as opposed to being centralized.

Job Sharing

When two or more employees perform the duties of one full-time position, each sharing the work activities on a part-time basis.

Temporary Layoffs

A situation where employees are suspended or laid off from their jobs for a period of time but are expected to return to their positions in the foreseeable future.