ECO3041 - Ch 8 Review Qs

ECO3041 - Ch 8 Review Qs - Chapter 8 Review Questions...

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Chapter 8 Review Questions Questions: 1. Marginal revenue product measures the: A) amount by which the extra production of one more worker increases a firm's total revenue. B) decline in product price that a firm must accept to sell the extra output of one more worker. C) increase in total resource cost resulting from the hire of one extra unit of a resource. D) increase in total revenue resulting from the production of one more unit of a product. 2. The MRP curve for labor: A) intersects the firm's labor demand curve from above. B) is the firm's labor demand curve. C) lies below the firm's labor demand curve. D) lies above the firm's labor demand curve. 3. Marginal physical product is: A) the output of the least skilled worker. B) a worker's output multiplied by the price at which each unit can be sold. C) the amount an additional worker adds to the firm's total output. D) the amount any given worker contributes to the firm's total revenue.
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ECO3041 - Ch 8 Review Qs - Chapter 8 Review Questions...

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