If the MPP is declining, ceteris paribus, the MRP must decline.
Answer the following statement true (T) or false (F)
True
As the marginal output declines from each added worker, the marginal revenue product will decline because MRP is equal to MPP multiplied by price.
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Alejandro Scoobertini owns a store specializing in soccer jerseys. In 2012, he purchased $150,000 worth of jerseys from manufacturers, employed one worker for $40,000, purchased $20,000 worth of supplies from an office supply store, and sold jerseys for
$280,000. Based on this information, what was the value added at Alejandro's store in 2012? A. $70,000. B. $110,000. C. $280,000. D. $490,000.
If everyone pays a fixed dollar amount of tax, then the tax is a:
A. Proportional tax B. Regressive tax C. Personal tax D. Marginal tax
If you purchase a gift worth $25 for your sister, but your sister would be willing to pay only $10 is she bought the item for herself, then the:
A. Total utility of the gift is $35 B. Total utility of the gift is $15 C. Marginal utility of the gift is $15 D. Loss of value in the gift is $15
Which of the following is the best example of function based divisions of a firm
a. R&D, Engineering, Production, Marketing, Sales b. Component 1 Plant, Component 2 Plant, Component 3 Plant, Final Assembly c. Store 1, Store 2, Store 3, Region A, Region B, Sales Division d. Business Customers, Educational Customers, Household Customers