The value of the marginal product of labor, VMPL, for the perfectly competitive firm equals
A) The total revenue the firm will get by selling the equilibrium amount of output
B) The extra revenue the firm gets by selling the output of one additional unit of labor
C) The revenue from the sale of one more unit of output
D) The price of the product being produced by labor
Correct Answer:
Verified
Q8: The "backward bending" portion of the labor
Q9: Economic theory supports the view that increasing
Q10: We see a backward-bending labor supply curve
Q11: The market demand for labor is
A)More elastic
Q12: Say a firm that sells its product
Q14: For the monopolist,
A)Decreasing returns to scale cause
Q15: Say a workers sees work and leisure
Q16: Which of the following labor demand curves
Q17: If the MRPL is greater than the
Q18: The hiring rule for a firm that
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