The change in total output when one more unit of a resource is employed is called
A) total revenue
B) marginal revenue product
C) marginal physical product
D) quantity supplied
E) wage rate
Correct Answer:
Verified
Q73: If MRP > MLC, the firm
A) is
Q74: If MRP < MLC, the firm
A) is
Q75: If MRP = MLC, the firm
A) is
Q76: The effect of imposing a minimum wage
Q77: When more workers are hired, the firm's
Q79: Typically, division of labor and specialization result
Q80: Marginal physical product of labor is
A) total
Q81: The marginal physical product of labor is
Q82: When a rug factory increases the labor
Q83: When we calculate the marginal physical product
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