Which of the following is true of marginal revenue product (MRP) and marginal product (MP) ?
A) MRP = MP ´ price, whether the firm is a price searcher or not.
B) MRP = MP ´ price only if the firm is a price searcher.
C) MRP = MP ´ price only if the firm sells in a perfectly competitive market.
D) MRP = MP ´ marginal cost only if the firm is a price searcher.
E) MRP = MP/price only if the firm is a price taker.
Correct Answer:
Verified
Q126: Exhibit 11-9 Q127: The marginal revenue product of labor equals Q128: The marginal revenue product of land curve Q129: If ZipCo's marginal revenue product curves slope Q130: If the marginal product of the second Q132: Under certain conditions, the slope of the Q133: If the marginal revenue product of the Q134: Marginal revenue product is obtained by multiplying Q135: For a resource in a perfectly competitive Q136: If the marginal revenue product of the
A)MP/wage
B)change
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents