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Author Question: The change in a firm's revenue as a result of hiring one more worker A) is equal to the firm's ... (Read 87 times)

appyboo

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on: Jun 29, 2018
The change in a firm's revenue as a result of hiring one more worker
 
  A) is equal to the firm's marginal cost.
  B) will be negative if the demand for the firm's output is inelastic.
  C) is the definition of the marginal revenue product of labor.
  D) is the definition of the marginal product of labor.

Question 2

What happens to a monopoly's revenue when it sells more units of its product?
 
  What will be an ideal response?
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taylorsonier

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

The monopolist must lower its price to sell more. Two things happen when a monopolist lowers its price. First, revenue will tend to rise as the monopolist sells more units and second, revenue tend to fall because less revenue is received from each unit than the amount received at the higher price. The total effect on total revenue could be an increase, a decrease, or no change in total revenue.


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