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

Question

Quizplus · Accepted Answer

The additional output obtained by adding another unit of labor to the production process is called the marginal product of labor. This concept is important in determining how much labor a firm should hire to maximize their production efficiency.

The Additional Output Obtained by Adding Another Unit of Labor