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

Exploring Economics
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ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
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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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