The value of the marginal product of labor is the:
A) value of the output produced by all the workers in a firm.
B) contribution of an additional unit of labor to a firm's revenue.
C) extra output that is produced by hiring an additional unit of labor.
D) amount of output produced by the first unit of labor hired by a firm.
Question 2
You have the choice of going to Hawaii for a week, staying at work for the week, or spending the week skiing. If you decide to go to Hawaii, the opportunity cost is
A) the value of working and skiing.
B) the value of working or skiing, depending on which you would have done rather than go to Hawaii.
C) working, because you would be giving up a week's pay.
D) none of the above if you enjoy the time spent in Hawaii.
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