MRP =MR × MP.

Name: MRP =MR × MP.
Brand: Quizplus
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Question

MRP =MR × MP.

Quizplus · Accepted Answer

This is the formula for calculating Marginal Revenue Product (MRP), which represents the additional revenue earned by a firm due to the employment of one more unit of a resource (typically labor). MRP is equal to the product of the marginal revenue (the additional revenue earned by selling one more unit of output) and the marginal product (the additional output produced by employing one more unit of the resource). Therefore, the statement is true.