Microeconomics: Principles, Applications, and Tools (8th Edition)

Published by Prentice Hall
ISBN 10: 0-13294-886-9
ISBN 13: 978-0-13294-886-9

Chapter 17 - The Labor Market and the Distribution of Income - Exercises - 17.1 The Demand for Labor - Page 404: 1.1

Answer

marginal product of labor marginal revenue

Work Step by Step

Marginal Revenue Product is the extra revenue generated by each additional unit of labor. This is equal to the price of output multiplied by the marginal product of labor. So the marginal revenue product of labor equals $\textbf{marginal product of labor}$ times $\textbf{marginal revenue}$.
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