A firm in a perfectly competitive market is looking to hire an additional worker. The price of the good produced by the firm is $6, and the marginal product of the worker is 12. Therefore, the marginal revenue product of the worker is:
A) $2.
B) $6.
C) $18.
D) $72.

Question

Quizplus · Accepted Answer

The marginal revenue product (MRP) is calculated by multiplying the marginal product of the worker (12) by the price of the good ($6), resulting in $72.

A Firm in a Perfectly Competitive Market Is Looking to Hire