Marginal revenue product is defined as the extra:
a. output a firm would receive after hiring one more unit of resource.
b. cost of hiring one more unit of resource
c. revenue earned by selling one more unit of product.
d. revenue earned by hiring one more unit of resource
e. output received by spending one more dollar on resources
d
You might also like to view...
Fresh Taste, Inc produces organic breakfast cereals. The market for breakfast cereals is monopolistically competitive
The figure above shows the demand curve that Fresh Taste faces (D), the company's marginal revenue curve (MR), its marginal cost curve (MC), and its average total cost curve (ATC). If Fresh Taste and other firms in the market are currently producing their profit maximizing quantities of cereals, then the market is A) in both short-run equilibrium and long-run equilibrium. B) in short-run equilibrium but not in long-run equilibrium. C) in long-run equilibrium but not in short-run equilibrium. D) neither in short-run equilibrium nor in long-run equilibrium.
What is the relationship between aggregate planned expenditure and real GDP at equilibrium expenditure?
What will be an ideal response?
________ account(s) for between 1 and 4 percent of health care costs in the United States
A) The aging population B) The payments to settle malpractice lawsuits and the premiums doctors pay for malpractice insurance C) Uninsured patients receiving treatments at hospital emergency rooms that could have been provided less expensively at doctor's offices D) Advances in medical technology
Which of the following would cause labor's share of national income to increase?
A) Labor productivity increases less rapidly than the real wage rate. B) Labor productivity increases more rapidly than the real wage rate. C) Labor productivity has increased at the same rate as the real wage rate. D) Labor's share of national income is not affected by the relative growth rates of labor productivity and the real wage rate.