6) Marginal revenue product of labor for a competitive seller is
A) the change in total product from hiring one more worker.B) the output price multiplied by the quantity sold.C) equal to the marginal product of labor multiplied by the output price.D) the marginal revenue of the product multiplied by the output price.Answer: C6)Diff: 1Page 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: Analytic Skills2

7) Suppose you have worked at a local sandwich shop for six months and now you plan to ask yourmanager for a raise. How can you convince your manager that you are worth more money thanyou are currently being paid?
7)Diff: 1Page Ref: 545/545Topic: 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
8) Marginal revenue product for a perfectly competitive seller is equal to
8)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 markets
AACSB: Reflective Thinking

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- Spring '11
- Lee
- Economics, AACSB, marginal revenue product