Value marginal product (VMP) is
A) a measure of additional revenue minus additional cost as a result of additional output.
B) the price of the product multiplied by the additional output resulting from an additional factor unit employed.
C) the marginal revenue of the product divided by the additional output resulting from an additional factor unit employed.
D) the value of an additional unit of product as measured in terms of additional factor cost.
E) the total value of the total output of a firm divided by the total quantity of output.
Correct Answer:
Verified
Q42: Firm X is a monopolistic competitive firm
Q43: Value marginal product (VMP) equals
A)P x MPP.
B)P/MPP.
C)P
Q44: For a perfectly competitive firm,
A)VMP > MRP.
B)VMP
Q45: Applying the least-cost rule to two factors,
Q46: For a product price searcher (such as
Q48: For a perfectly competitive firm, when the
Q49: Elasticity of demand for labor measures the
Q50: A measure of the value that one
Q51: For a perfectly competitive firm, a decrease
Q52: The firm's factor demand curve is the
A)MRP
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