The marginal revenue product
A) represents the incremental contribution to the firm's total revenues obtained from an increase in a variable input.
B) always increases when there is an increase in a variable input.
C) gives the increase in cost when there is an increase in a variable input.
D) gives the change in total product when an additional unit of a good is hired.
Answer: A
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The Amsterdam flower market is
a. an example of an open outcry auction market b. an example of a Dutch auction market c. a commodity market in which bidding opens at a low price and then moves upward d. the world's best example of a perfectly competitive market e. a monopoly market
The total cost function is TC = Q3 - 6Q2 + 14Q + 75. When does diminishing returns to production set in?
What will be an ideal response?
Which will not cause the supply curve to shift?
a. A change in the prices of other goods b. A technological change c. A change in the price of the good d. A change in resource costs