Marginal revenue product is the increase in a firm's total revenue that results from the use of one more unit of input.

Name: Marginal revenue product is the increase in a firm's total revenue that results from the use of one more unit of input.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Marginal revenue product (MRP) is defined as the additional revenue generated by employing an extra unit of input, such as labor or capital. Therefore, the statement is true.

Marginal Revenue Product Is the Increase in a Firm's Total