Which of the following statements brings out the relationship between the value of marginal product (VMP) and the marginal revenue product (MRP)?
a. They are the same for a firm selling in a perfectly competitive market structure.
b. They are the same for a firm purchasing inputs in a perfectly competitive market structure.
c. VMP is greater than MRP when a firm is perfectly competitive in the product market.
d. VMP is less than MRP when a firm is perfectly competitive in the product market.
e. They are same when a firm is a monopolist.
a
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Refer to the scenario above. What is the probability of picking a blue ball from the box?
A) 16.66% B) 33.33% C) 49.99% D) 54.44%.
Explain how to derive the demand for an input.
What will be an ideal response?
With respect to your grades in your accounting and economics? classes, a? one-to-one trade-off means that the opportunity cost of receiving one grade higher in accounting? (for example, improving from a D to a? C) is one grade lower in economics? (falling from a B to a? C).
a. true b. false
Some years ago, Stuyvesant Town and Peter Cooper Village in Manhattan were sold for redevelopment. These villages had been rent controlled, but now that these neighborhoods are no longer rent controlled, one would expect the:
A. houses to be not as well maintained since rent will be so high. B. rent to rise in those neighborhoods. C. housing shortage in the neighborhood to worsen. D. quantity of rentals demanded to rise.