Which of these describes the marginal product of labor? a. the total output of all workers b. the...
Question:
Which of these describes the marginal product of labor?
a. the total output of all workers
b. the additional output after hiring one more worker and buying her the necessary tools and equipment
c. the additional output after hiring one more worker
d. the additional output after equipping workers with upgraded tools
Labor:
Labor is described as the quantity of corporal, psychological and communal attempts to generate financial products and services. Labor offers the professionalism, workforce, and service required to convert raw materials into finished goods. On the other hand, laborers usually obtain wages in exchange for their labor.
Answer and Explanation: 1
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View this answer- The correct answer is c.
The extra output generated after employing an additional worker is described as the marginal labor product. The MPL is...
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Marginal Product of Labor: Definition, Formula & Example
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Chapter 3 / Lesson 49
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Understand the meaning of marginal product of labor. Learn the marginal product of labor (MPL) formula, its significance, and how to calculate MPL with examples.
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