As a firm adds additional workers to its fixed capital, the marginal product of labor typically . (Insert a single word.)

The extra amount of output a firm can generate by adding one more unit of labor is called the product of labor. (Insert a single word.)

The extra revenue received by a firm from selling the output obtained from an extra unit of labour is called:Group of answer choicesthe marginal revenue product of labourdiminishing marginal productthe average product of labourthe marginal product of labour

Firms will hire additional workers as long as the wage:Group of answer choicesis less than the marginal product of labouris greater than the marginal product of labouris less than the value of the marginal product of labourequals the marginal product of labour

Marginal product is the change in a firm's output divided by the change in the amount of an input (like capital or labor) used.Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer.aTruebFalse

Assume that a firm hires an additional employee. If the marginal product for that employee is greater than for the previous employee hired, it must be thatGroup of answer choicesall workers are not paid the same wage.the workers all perform the exact same set of tasks.all workers are paid the same wage.there are gains from specialization.the marginal product of labor is diminishing.