The marginal revenue product of labor is defined as
A) the change in the firm's output as a result of hiring one more worker.
B) the change in the firm's revenue as a result of selling one more unit of output.
C) the change in the firm's profit as a result of hiring one more worker.
D) the change in the firm's revenue as a result of hiring one more worker.
Question 2
Consider the following actions undertaken by a firm:
a. charging a higher price for products of higher quality
b. charging different prices to different consumers for the same product when the variation cannot be explained by cost differences
c. charging different prices for products of different qualities
d. charging a lower price to match a competitor's price
Which of the above will be considered price discrimination?
A) a, b, c, and d B) a, b, and d only C) b and d only D) b only
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