Asked by Camille James on Jul 22, 2024
Verified
The marginal product of labor is defined as the change in
A) output per additional unit of revenue.
B) output per additional unit of labor.
C) revenue per additional unit of labor.
D) revenue per additional unit of output.
Marginal Product
Marginal Product is the additional output resulting from a one-unit increase in the quantity of a particular input, holding all other inputs constant.
Labor
Refers to the human effort, both physical and mental, used in the production of goods and services.
Output
The amount of goods or services produced by a company, industry, or economy within a certain period.
- Define the concept of the marginal product of labor.
Verified Answer
UZ
usama zulfiquarJul 29, 2024
Final Answer :
B
Explanation :
The marginal product of labor refers to the additional output produced as a result of employing one more unit of labor, making choice B the correct definition.
Learning Objectives
- Define the concept of the marginal product of labor.