Firms will hire additional workers as long as the wage:Group of answer choicesis less than the marginal product of labouris greater than the marginal product of labouris less than the value of the marginal product of labourequals the marginal product of labour

Assume that a firm hires an additional employee. If the marginal product for that employee is greater than for the previous employee hired, it must be thatGroup of answer choicesall workers are not paid the same wage.the workers all perform the exact same set of tasks.all workers are paid the same wage.there are gains from specialization.the marginal product of labor is diminishing.

As a firm adds additional workers to its fixed capital, the marginal product of labor typically . (Insert a single word.)

f a business owner can produce more as a whole with an additional worker even if the marginal product associated with that worker is lower than the marginal product associated with the previous worker, then there are:Multiple choice question.increasing marginal returns.diminishing marginal returns.zero marginal returns.negative marginal returns.

If there are gains from specialization in a workplace, hiring another employee means that the marginal product of labor willGroup of answer choicesbe zero.decrease.increase.be negative.remain the same.

The extra amount of output a firm can generate by adding one more unit of labor is called the product of labor. (Insert a single word.)