The marginal product of labor can be illustrated geometrically as the:
A) slope of the total product curve with respect to labor.
B) slope of the total product curve with respect to capital.
C) slope of a chord from the origin out to the total product curve at the specified level of labor.
D) inverse of the slope of a chord from the origin out to the total product curve at the specified level of labor.
E) slope of the total product curve with respect to labor divided by the slope of the total product curve with respect to capital.

Question

Quizplus · Accepted Answer

The marginal product of labor represents the additional output that results from hiring one more unit of labor while holding all other inputs constant. Geometrically, this can be represented as the slope of the total product curve with respect to labor. As more labor is added, the total product curve will eventually slope downwards, indicating diminishing marginal returns.

The Marginal Product of Labor Can Be Illustrated Geometrically as The