The marginal revenue product of labor is equal to: A) MP_K × MR. B) MP_L × MR. C) MP_L × W. D) MP_K × R.

Name: The marginal revenue product of labor is equal to: A) MP K × MR. B) MP L × MR. C) MP L × W. D) MP K × R.
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Question

Quizplus · Accepted Answer

The marginal revenue product of labor (MRPL) is calculated as the marginal product of labor (MPL) times the marginal revenue (MR). This is represented in option B as MP_L × MR, where MP_L stands for the marginal product of labor.

The Marginal Revenue Product of Labor Is Equal To