The marginal revenue product of labor is
A) how much a firm's total costs change as a result of hiring one more unit of labor.
B) how much a firm's total profits change as a result of hiring one more unit of labor.
C) the same as marginal product.
D) how much a firm's total profits change as a result of producing one more unit of output.
E) how much a firm's total revenues change as a result of hiring one more unit of labor.
Correct Answer:
Verified
Q47: For a competitive firm to maximize profits,
Q48: Exhibit 13-1 Q49: Marginal revenue product can be calculated for Q50: The demand for automobile workers is positively Q51: Exhibit 13-1 Q53: Derived demand is demand that is derived Q54: The typical shape of the marginal revenue Q55: As more labor is hired, the marginal Q56: Suppose there is an increase in the Q57: Exhibit 13-2 Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents
