Which statement is TRUE?
A) The value of the marginal product of labor equals the marginal product of labor times price.
B) The value of the marginal product of labor equals a one-unit change in a factor divided by the change in total revenue.
C) Marginal cost equals change in total revenue divided by the one-unit change in a factor.
D) The value of the marginal product of labor equals the change in the quantity of a factor times the price of the factor.
Correct Answer:
Verified
Q16: The demand for a factor of production
Q17: The demand for factors of production is
Q18: Human capital:
A)consists of man-made resources such as
Q19: Which statement is NOT true about the
Q20: Which factor is NOT associated with production
Q22: Which statement is TRUE?
A)The marginal product is
Q23: The amount by which an additional unit
Q24: If the extra output that is produced
Q25: The value of the marginal product is
Q26: As a rule,a profit-maximizing restaurant owner employs
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