The marginal product of labor is the increase in total product from a Select one: a. one dollar increase in the wage rate, while holding the price of capital constant. b. one unit increase in the quantity of labor, while holding the quantity of capital constant. c. one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. d. one percent increase in the wage rate, while also increasing the price of capital by one percent.
The marginal product of labor is the increase in total product from a Select one: a. one dollar increase in the wage rate, while holding the price of capital constant. b. one unit increase in the quantity of labor, while holding the quantity of capital constant. c. one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. d. one percent increase in the wage rate, while also increasing the price of capital by one percent.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter7: Proudction Costs
Section: Chapter Questions
Problem 10SQ
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The marginal product of labor is the increase in total product from a
Select one:
a.
one dollar increase in the wage rate, while holding the price of capital constant.
b.
one unit increase in the quantity of labor, while holding the quantity of capital constant.
c.
one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit.
d.
one percent increase in the wage rate, while also increasing the price of capital by one percent.
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