Multiple Choice
The marginal revenue product of labor is equal to
A) The marginal physical product multiplied by the marginal revenue of the output.
B) The change in the quantity of labor divided by the change in total revenue.
C) The change in total output divided by the change in the quantity of labor.
D) The percentage change in total revenue divided by the percentage change in the quantity of labor. MRP is equal to price times MPP. Price will be equal to the marginal revenue.
Correct Answer:
Verified
Correct Answer:
Verified
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