The marginal revenue product of labor is equal to
A) The marginal physical product multiplied by the marginal revenue of the output.
B) The change in the quantity of labor divided by the change in total revenue.
C) The change in total output divided by the change in the quantity of labor.
D) The percentage change in total revenue divided by the percentage change in the quantity of labor. MRP is equal to price times MPP. Price will be equal to the marginal revenue.
Correct Answer:
Verified
Q16: If Lauren's substitution effects outweigh her income
Q40: Q43: The change in total revenue associated with Q44: The marginal revenue product establishes Q45: The determinants of labor demand include Q45: Marginal physical product diminishes as additional workers Q48: When the MPP of labor is zero, Q51: A firm should hire an additional worker Q52: Because of the law of diminishing returns,as Q60: Which of the following would not shift
A)An upper limit
A) Marginal
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