The value of marginal product is
A) the value to the firm of hiring one more unit of a factor of production.
B) the price of a unit of output multiplied by the marginal product of the factor of production.
C) calculated as total revenue divided by the total quantity employed.
D) calculated as marginal product divided by marginal benefit.
E) calculated as marginal product divided by the price of a unit of output .
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Q45: The reservation wage of labour is
A)the wage
Q46: Use the table below to answer the
Q47: If the wage rate increases,the substitution effect
Q47: The substitution effect on labour supply refers
Q48: If the wage rate decreases,the substitution effect
Q50: If the wage rate decreases,the income effect
Q51: A firm can sell its output for
Q52: Use the table below to answer the
Q54: As the wage rate rises,a household will
Q55: The labour supply curve may eventually become
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