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Marginal revenue product of labor

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Reference no: EM131100018

Class, the additional output produced by a firm as a result of hiring another worker is called the marginal product of labor. The amount by which a firm's revenue will increase as a result of hiring one more worker is called the marginal revenue product of labor. Would a firm hire another worker if the marginal revenue product of labor exceeded the market wage rate?

Reference no: EM131100018

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