The marginal revenue product of labour is
A) the marginal physical product of capital times the price of labour.
B) the additional revenue the firm makes by selling one more unit of output obtained when more labour is employed.
C) the additional revenue a firm earns by employing one additional unit of labour.
D) the additional profit a firm earns by employing one additional unit of labour.
Correct Answer:
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A) low
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Q19: Differences in wages that result from differences
Q20: If output price is constant, the marginal
Q22: Assume the wage rate is £10 per
Q23: The formula for the marginal revenue product
Q24: The profit- maximising level of employment occurs
Q25: The firm's demand for labour curve depends
Q26: The elasticity of demand for labour is
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