For a perfectly competitive firm, the value of the marginal product is
A) the same thing as marginal factor cost.
B) the same thing as marginal physical product.
C) marginal physical product times the product price.
D) marginal physical product times the wage rate.
C
You might also like to view...
Derive the interest parity condition and interpret it
What will be an ideal response?
A budget surplus
a. occurs when the government has debt equal to zero. b. causes government debt to increase. c. exists when government spending is greater than tax revenues. d. reduces the government's debt.
Full employment is the situation in which the economy operates at an unemployment rate equal to the sum of:
A. structural and frictional unemployment. B. cyclical and frictional unemployment. C. structural and cyclical unemployment. D. structural, frictional, and cyclical unemployment.
The Second Bank of the United States rose to prominence under the leadership of:
a. Alexander Hamilton. b. Andrew Jackson. c. Henry Clay. d. Nicholas Biddle.