70. The marginal revenue product of labor is w much a firm\'s total costs change

Question

70. The marginal revenue product of labor is w much a firm's total costs change as a result of hiring one more unit of labor. how much a firm's total profits change as a result of hiring one more unit of labor. the same as marginal product. A) ho B) C) D) how much a firm's total profits change as a result of producing one more u how much a firm's total revenues change as a result of hiring one more unit of labor. B) 71. According to economic reasoning, if labor productivity increases by 3 percent per year, A) B) C) D) E) the number of jobs should increase by 3 percent per year. the real wage should increase by 3 percent per year. the price level should increase by 3 percent per year. the price level should decrease by 3 percent per year. nominal wages should increase by 3 percent per year. 72. A deferred-payment contract A) gives employers an incentive to keep workers. B) gives workers an incentive to stay with the employer. C) gives workers an incentive to leave the employer early. D) makes workers quit immediately E) gives workers an incentive to work less. 73. Compensating wage differentials are mainly a result of A) discrimination against women and minorities. B) employer preferences. C) differences in supply of labor in different occupations. D) government mandates and regulations. E) differences in demand for labor in different occupations. 74. Compensation A) is the term used for time off earned by working extra hours. B) is the pay workers receive for being injured on the job. C) refers to lawsuit settlements. D) is synonymous with the term wage in the text. E) excludes fringe benefits.

Explanation / Answer

Ans:

70) Option E

how much a firms total revenues change as a result of hiring one more unit of labor.

Marginal revenue product of labour (MRPL) is the additional revenue generated when an additional worker is hired.marginal revenue product of labor is the product of the marginal product of labor and the marginal revenue of output.

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