Marginal revenue product (MRP) of labor refers to the:
A) increase in total revenue resulting from the sale of an additional unit of output.
B) amount by which a firm's total resource cost increases when it employs one more unit of labor.
C) increase in total revenue resulting from the hire of one more unit of labor.
D) price at which additional units of labor can be employed in a monopsonized labor market.
Correct Answer:
Verified
Q2: According to international comparisons,which nation had the
Q6: Over the long run, real earnings per
Q8: Long-run real wages in the United States
Q10: Marginal resource cost refers to the:
A) increase
Q11: If the nominal wage rises by 6
Q12: A firm operating in a purely competitive
Q14: The long-run trend of real wages
A) cannot
Q15: If the nominal wage rises by 4
Q20: Real wages in the United States are
A)
Q36: A firm that is hiring labor in
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