The value of marginal product (VMP) is
A) equal to the product price multiplied by the marginal physical product of the factor.
B) equal to marginal revenue product for a product price taker.
C) the firm's factor demand curve if the firm is a product price taker.
D) a measure of the value that each factor unit adds to the firm's product.
E) all of the above
Correct Answer:
Verified
Q94: A factor price taker faces
A)a perfectly elastic
Q95: Exhibit 26-3 Q96: Which of the following statements is true? Q97: A perfectly competitive firm will continue to Q98: Exhibit 26-4 Q100: Marginal productivity theory implies that a worker Q101: Exhibit 26-5 Q102: Exhibit 26-5 Q103: To minimize cost, a firm should hire Q104: Exhibit 26-5 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
A)Employers
