The marginal product of labor is the increase in total product from a
A) one unit increase in the quantity of labor, while holding the quantity of other inputs constant.
B) one unit increase in the quantity of labor, while also increasing the quantity of other inputs by one unit.
C) one dollar increase in the wage rate, while holding the price of other inputs constant.
D) one percent increase in the wage rate, while also increasing the price of other inputs by one percent.
Correct Answer:
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Q28: Points on a firm's total product curve
Q29: Total product is
A) the increase in output
Q30: Points below a firm's total product curve
Q31: In economics, the short run is the
Q32: Which of the following statements is CORRECT?
A)
Q34: Marginal product is
A) the increase in output
Q35: In the long run, a firm can
Q36: The marginal product of labor is equal
Q37: When the total product curve is drawn
Q38: In the short run
A) the size of
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