For any firm in any market structure, a factor's marginal revenue product is
A) marginal revenue multiplied by total product.
B) the change in revenue caused by the sale of an additional unit of output.
C) the increase in output resulting from the use of an additional unit of the factor multiplied by the cost of that factor.
D) the average product of the factor multiplied by the price of the output.
E) the change in revenue caused by the sale of the product contributed by an additional unit of input.
Correct Answer:
Verified
Q93: Consider the following production and cost
Q94: Q95: Which of the following is the best Q96: Consider the following table for a Q97: All profit- maximizing firms increase production up Q99: The hypothesis of equal net advantage explains Q100: Consider the following production and cost Q101: Consider the following production and cost Q102: The demand and supply curves shown below Q103: Factors of production (land, labour, and capital)
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