The marginal product of labor is the increase in a firm's revenues created by hiring an additional laborer.

Question

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The marginal product of labor is defined as the additional output a firm gets by hiring one more unit of labor while keeping all other inputs constant. It is not directly related to revenue, but it can be used to calculate the marginal revenue product, which is the additional revenue generated by hiring an additional unit of labor.

The Marginal Product of Labor Is the Increase in a Firm's