The additional production resulting from hiring one more worker is
A) marginal physical product.
B) marginal cost.
C) marginal production.
D) additional production.
Derived demand means
A) the labor demand curve will be upward sloping.
B) labor demand is derived from demand for the product it produces.
C) labor demand will shift about in a random fashion.
D) labor demand is determined by the supply of labor.
Holding other things constant, an increase in the use of capital in production would
A) increase the marginal productivity of labor.
B) decrease, but not proportionately, the marginal productivity of labor.
C) not change the marginal productivity of labor.
D) decrease proportionately the marginal productivity of labor.
If a firm employs an extra unit of labor, the additional product generated by employing the extra unit of labor is
A) the marginal physical product of labor.
B) the diminished marginal product.
C) the outside edge.
D) total product.