Marginal revenue product (MRP) of labor refers to the:

A) increase in total revenue resulting from the sale of an additional unit of output.
B) amount by which a firm's total resource cost increases when it employs one more unit of labor.
C) increase in total revenue resulting from the hire of one more unit of labor.
D) price at which additional units of labor can be employed in a monopsonized labor market.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, such as labor or capital.

Total Revenue

is the overall amount of money generated by a business from its activities, including sales of goods or services, before any expenses are deducted.

Labor

Any mental or physical exertion on the part of a human being that is used in the production of a good or service. One of the four economic resources.