Author Question: The value of marginal product (VMP) of labor is the extra revenue generated by A) selling one ... (Read 65 times)

cabate · **on:** Jun 29, 2018

The value of marginal product (VMP) of labor is the extra revenue generated by

A) selling one additional unit of output.
B) raising the price of the good by one dollar.
C) hiring one additional unit of labor.
D) price discrimination.

Question 2

In the short run, a firm will

A) not produce if its total revenue does not cover its total cost.
B) produce and incur an economic loss if its total revenue covers its total variable cost but not its total cost.
C) produce and break even if its total revenue covers its total fixed cost but not its total variable cost.
D) produce and earn an economic profit if its total revenue is equal to its total cost.