Which of the following best describes marginal revenue product (MRP) ?
A) MRP is the level of total revenue generated by total employment of labor and capital.
B) MRP is the change in total revenue caused by a one-unit increase in output.
C) MRP is the change in total revenue caused by a one-unit increase in a variable input such as labor.
D) MRP is total revenue divided by the total quantity of a variable input used.
Correct Answer:
Verified
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