• 2022-06-07
    The increase in total revenue due to increasing the amount of labor employed by one unit is called the( )
    A: Average Revenue Product.
    B: Marginal Product.
    C: Total Revenue Product.
    D: Marginal Revenue Product.
  • D

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    • 0

      A competitive,<br/>profit-maximizing firm hires workers up to the point where<br/>the__________ A: marginal<br/>product equals zero. B: marginal<br/>revenue product equals zero. C: marginal<br/>product equals the nominal<br/>wage. D: value<br/>of the marginal product equals the wage.

    • 1

      Marginal product of labor is the increase in the amount of output from an additional unit of labor. A: right. B: wrong.

    • 2

      The ____________ of a product is the most important factor of a product.

    • 3

      An organisation manufactures a single product. The total cost of making 4,000 units is $20,000 and the total cost of making 20,000 units is $40,000. Within this range of activity the total fixed costs remain unchanged.What is the variable cost per unit of the product?

    • 4

      A good product presentation can motivate the customers to _______ your product.