Solved

When Output Is Maximized Subject to a Labour Constraint, the Shadow

Question 1

Multiple Choice

When output is maximized subject to a labour constraint, the shadow price of labour is the:

A) marginal product of labour.
B) marginal revenue product of labour.
C) market price of labour.
D) amount paid for labour.

Related Questions

Q2: When the objective function coincides with a

Q3: A positive value for the labour input

Q4: If the primal objective function is to

Q5: If QA > 0, then the marginal

Q6: If the labour slack variable > 0,

Q7: When the primal LP problem is to

Q8: When an LP objective function is to

Q9: The profit function = aQX + bQY,

Q10: If X = 0 in the primal