The marginal revenue product of a resource:
A) is defined as the marginal product of the resource multiplied by the resource price.
B) simply means that a firm should add to its capital stock as long as competition requires it.
C) equals the extra output produced by an additional unit of the resource multiplied by the price of that output.
D) equals the average product of the resource multiplied by the cost of hiring an additional (marginal) unit of the resource.
Correct Answer:
Verified
Q10: A firm's demand curve for labor coincides
Q11: Which of the following is the most
Q12: Dividing the change in total revenue by
Q13: Exhibit 11-2 Labor and output data
Q14: Exhibit 11-1 Use the information in the
Q16: If a product's price increases, then its:
A)
Q17: Exhibit 11-4 Supply and demand curves for
Q18: One reason the supply of carpenters is
Q20: A worker's accumulated investment in education, training,
Q136: Which of the following most clearly illustrates
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