Which of the following describes the marginal product of labor?
A) It is the additional amount of consumer goods that can be bought from an additional hour's worth of work.
B) It is the additional amount of inputs a firm demands based on a change in consumer demand for the output.
C) It is the additional amount of output that can be produced from hiring one more worker.
D) It is the decreasing amount of output that can be produced from hiring one more worker.
E) It is the value of production from the last worker hired.
Correct Answer:
Verified
Q1: Use the following information to answer the
Q5: Factors of production are
A) goods and services.
B)
Q15: The diminishing marginal product of labor exists
Q16: Markets for factors of production are different
Q17: The basic tools of supply and demand
Q19: Refer to the accompanying table to answer
Q21: Refer to the accompanying graphs to answer
Q22: Use the accompanying graph, which depicts Mighty
Q23: Use the accompanying graph, which depicts Mighty
Q32: Bobby knows that she is producing a
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