103)What is the value of the marginal product of labour equal to? A. the change in total profit caused by the addition of the last worker B. the change in total cost caused by the addition of the last worker C. the change in total revenue caused by the addition of the last worker D. the change in marginal cost caused by the addition of the last worker 102) The labour supply curve is fundamentally a representation of the trade-off people face. What is this trade-off between? A. work and leisure B. work and the wage rate C. technology and the wa
103)What is the value of the marginal product of labour equal to? A. the change in total profit caused by the addition of the last worker B. the change in total cost caused by the addition of the last worker C. the change in total revenue caused by the addition of the last worker D. the change in marginal cost caused by the addition of the last worker 102) The labour supply curve is fundamentally a representation of the trade-off people face. What is this trade-off between? A. work and leisure B. work and the wage rate C. technology and the wa
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 15P
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I need help with econ multiple hw questions asap!
103)What is the value of the marginal product of labour equal to?
- A. the change in total profit caused by the addition of the last worker
- B. the change in total cost caused by the addition of the last worker
- C. the change in total revenue caused by the addition of the last worker
- D. the change in marginal cost caused by the addition of the last worker
102) The labour supply curve is fundamentally a representation of the trade-off people face. What is this trade-off between?
- A. work and leisure
- B. work and the wage rate
- C. technology and the wage rate
- D. the wage rate and productivity
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