A firm should hire more labor when the marginal revenue product of labor
A. equals the wage rate.
B. exceeds the wage rate.
C. is less than the wage rate.
D. Any of these can be true.
E. None of these are true.
查看答案
The marginal revenue product of labor is equal to
A. MPL * P.
B. MPL / P.
C. MPL * MR.
D. MPL / MR
E. MR / MPL
The marginal revenue product can be expressed as the
A. additional revenue received from selling one more unit of product.
B. increment to revenue received from one additional unit of input hired.
C. marginal physical product of an input times the average revenue received from the sale of the product.
D. average physical product of the input times the marginal revenue received from the sale of the final product.
Other things being equal, the marginal revenue product (MRP) curve for a competitive seller
A. lies below the MRP curve for a monopolist.
B. is identical to the MRP curve for a monopolist.
C. lies above the MRP curve for a monopolist.
D. is upward sloping whereas a monopolist has a downward sloping MRP curve.
What can account for the negative slope of the marginal revenue product curve?
A. Diminishing marginal utility
B. Diminishing marginal returns
C. Monopsony power
D. All workers eventually begin slacking.
E. none of the above
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