Asked by
Timothy Barner
on Nov 30, 2024
Verified
A rise in the marginal revenue product schedule for labor
A) means that the marginal physical product of labor rose.
B) means that more labor is demanded by the firm.
C) means that the demand for the final product has fallen.
D) means that labor productivity has risen.
Marginal Revenue Product Schedule
A schedule or curve that shows the additional revenue produced by one more unit of an input, such as labor or capital.
Marginal Physical Product
The addition to total output due to the employment of one more unit of a factor, other factors held constant.
- Understand the concept and application of Marginal Revenue Product (MRP) in labor and land decision-making.
- Acquire knowledge on the influence of complementary and substitute resources on productivity and Material Requirements Planning.
Verified Answer
CC
Learning Objectives
- Understand the concept and application of Marginal Revenue Product (MRP) in labor and land decision-making.
- Acquire knowledge on the influence of complementary and substitute resources on productivity and Material Requirements Planning.