Marginal Product of Labour (MPL)

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Across
  1. 2. In a competitive labor market, the wage rate equals the ________ product of labor.
  2. 4. The marginal product of labor curve typically slopes ________, reflecting diminishing returns.
  3. 6. If the marginal product of labor is increasing, the total product of labor is ________.
  4. 7. A firm maximizes profit by hiring workers up to the point where the marginal product of labor equals the ________.
  5. 8. The marginal product of labor represents the additional output gained from hiring one more ________.
Down
  1. 1. When the marginal product of labor is decreasing, the total product of labor is ________.
  2. 2. A firm may experience negative marginal returns when hiring too ________ workers.
  3. 3. When the marginal product of labor equals the wage rate, a firm achieves ________ efficiency.
  4. 5. As more workers are hired, the marginal product of labor typically ________, due to diminishing returns.
  5. 9. To calculate the marginal product of labor, divide the change in ________ by the change in labor input.