The marginal revenue product of labor is
A) the marginal physical product multiplied by marginal revenue.
B) the marginal revenue of output multiplied by the price of the input.
C) total sales divided by total labor employed.
D) total labor employed divided by total sales.
Correct Answer:
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Q21: When the price of a product increases,
Q22: The firm's demand curve for labor is
A)
Q23: Which of the following statements about a
Q24: When increased demand raises the price of
Q25: The market demand curve for labor
A) slopes
Q27: When MFC = MRP, a firm in
Q28: Marginal factor cost is
A) the change in
Q29: When the marginal productivity of labor decreases,
Q30: When MFC < MRP, a firm in
Q31: When MFC > MRP, a firm in
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