Marginal revenue product describes the
A) output produced by the last unit of labor employed.
B) revenue received for the last unit of output produced.
C) price a consumer paid for the last unit of output produced.
D) revenue received for the additional output produced by the last unit of labor employed.
Correct Answer:
Verified
Q34: Hiring the least-costly combination of resources ensures
Q60: Hiring the profit-maximizing combination of resources ensures
Q122: A firm that hires labor in a
Q125: The marginal revenue product of an input
Q126: Marginal resource cost is
A) the increase in
Q128: The marginal revenue product of a resource
Q129: The marginal product of labor is expressed
Q130: To firms, resource prices are a major
Q131: The marginal revenue product of labor refers
Q132: The demand for a productive resource is
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