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The marginal product of labor is the increase in output as a result of hiring an additional worker ...

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The marginal product of labor is the increase in output as a result of hiring an additional worker ...

Question 1.

Labor demand is considered a derived demand because producers do not demand labor for itself but only because labor is used to produce output that consumers desire.

• true

• false

Question 2.

The marginal product of labor is the increase in output as a result of hiring an additional worker while the marginal revenue product of labor is the increase in profit as a result of hiring an additional worker.

• true

• false

Textbook

Microeconomics

Edition: 7^th

Authors: Hubbard, O'Brien

Read 77 times

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anuja709

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