Question : 49) The marginal product of labor A) the payment made : 1387970

 

 

49) The marginal product of labor is

A) the payment made to workers for their contribution to the output they produce.

B) equal to the demand for labor.

C) the change in a firm’s revenue as a result of hiring one more worker.

D) the additional output a firm produces as a result of hiring one more worker.

 

 

50) A firm should hire more workers to increase its profits if

A) the marginal product of labor is greater than the wage the firm will pay these workers.

B) the wage rate is less than the marginal revenue product of labor.

C) there is enough capital and other resources for the workers to use.

D) the demand for labor is elastic.

 

 

51) The demand curve for labor is also

A) the demand curve for the output produced with labor since the demand for labor is a derived demand.

B) the marginal product of labor curve.

C) the marginal revenue product of labor curve.

D) the supply curve for the output labor is used to produce.

 

52) Which of the following describes a difference between the marginal product of labor and the marginal revenue product of labor?

A) The marginal product of labor declines as each additional worker is hired because of the law of diminishing returns. The marginal revenue product of labor declines as each additional worker is hired because of diseconomies of scale.

B) The marginal product of labor declines as each additional worker is hired because of the law of diminishing returns. The marginal revenue product increases as each additional worker is hired because of increases in the productivity of labor.

C) The marginal product of labor is inelastic. The marginal revenue product of labor is elastic.

D) The marginal product of labor measures the change in output as additional workers are hired. The marginal revenue product measures the change in revenue as additional workers are hired.

 

 

53) As more output is produced, the marginal product of labor declines

A) because of the law of diminishing returns.

B) if firms reduce the wage paid to labor.

C) if the firm’s output supply curve is inelastic.

D) because the firm’s marginal revenue declines.

 

 

54) A firm’s demand curve for labor slopes downwards because

A) of the law of diminishing marginal returns.

B) firms supply less labor as the wage rate rises.

C) workers supply less labor services as the wage rate falls.

D) of rising marginal product.

 

55) For a firm that is a price taker in the market for labor, the marginal revenue product of labor equals the

A) marginal product of labor multiplied by the wage rate.

B) marginal product of labor multiplied by the product price.

C) marginal product of labor divided by the wage rate.

D) marginal product of labor multiplied by the marginal cost of production.

 

 

56) The change in a firm’s revenue as a result of hiring one more worker

A) is the definition of the marginal product of labor.

B) is equal to the firm’s marginal cost.

C) is the definition of the marginal revenue product of labor.

D) will be negative if the demand for the firm’s output is inelastic.

 

 

57) The marginal revenue product of labor is defined as

A) the change in the firm’s revenue as a result of selling one more unit of output.

B) the change in the firm’s output as a result of hiring one more worker.

C) the change in the firm’s profit as a result of hiring one more worker.

D) the change in the firm’s revenue as a result of hiring one more worker.

 

58) The benefit to the firm from hiring one additional worker is called the

A) marginal revenue product of labor.

B) marginal revenue.

C) marginal profit.

D) total revenue.

 

 

 

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