Quiz_170 - 12 A hired.

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12) Which of the following describes a difference between the marginal product of labor and themarginal revenue product of labor? A) The marginal product of labor measures the change in output as additional workers arehired. The marginal revenue product measures the change in revenue as additional workersare hired.B) The marginal product of labor is inelastic. The marginal revenue product of labor is elastic.C) The marginal product of labor declines as each additional worker is hired because of the lawof diminishing returns. The marginal revenue product of labor declines as each additionalworker is hired because of diseconomies of scale.D) The marginal product of labor declines as each additional worker is hired because of the lawof diminishing returns. The marginal revenue product increases as each additional worker ishired because of increases in the productivity of labor.Answer: A12)Diff: 2Page Ref: 547/547Topic: Marginal Revenue Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor marketsAACSB: Reflective Thinking 13) As more output is produced, the marginal product of labor declines 13)Diff: 2Page Ref: 546/546Topic: Marginal Product of LaborLearning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factorsupply and labor in factor markets AACSB: Reflective Thinking
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  • Fall '13
  • AACSB, marginal revenue product

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