QUESTION5 1 pe What is the difference between labor\'s marginal product and marg
ID: 1113042 • Letter: Q
Question
QUESTION5 1 pe What is the difference between labor's marginal product and marginal revenue product? 0 The ma nal product of labor is the additional labor's contribution to the firm's total output while the marginal evenue product is the additional labor's contribution to the irm's total sales revenue. Labor's marginal product is a measure of abor's productivity while labor's marginal revenue product is a measure of labor's ability to sell the firm's products. O The marginal revenue product of labor is the dollar value of hiring an additional worker while the marginal product of Ilabor is the increase in the firm's physical output as a OThe marginal product of labor is the increase in output as a result of hiring an additional worker while the marginal revenue product of labor is the increase in profit as a result of hiring an additional worker. result of hiring an additional worker.Explanation / Answer
Answer
Option first
The marginal product of labor is an addition to the total product because of an additional labor and marginal revenue product of labor is the additional revenue added from an output of additional labor.