Marginal product is the change in:
A) total revenue when one more unit of output is produced.
B) total output when one more unit of a variable resource is utilized.
C) total revenue when one more unit of a variable resource is utilized.
D) the total amount of a variable resource employed when one more unit of the resource is utilized.
Correct Answer:
Verified
Q14: The labor demand curve for an individual
Q15: The value of labor is determined by
Q16: The Law of Diminishing Returns states:
A) there
Q17: Marginal product is:
A) total product divided by
Q18: As more labor is hired by a
Q20: As more workers are hired by a
Q21: As more workers are hired by a
Q22: In markets other than those that are
Q23: Marginal revenue product is:
A) the total revenue
Q24: The marginal revenue product of labor determines
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