The marginal revenue product is
A) the change in total output resulting from a one-unit change in variable output.
B) the change in marginal output resulting from a one-unit change in variable input.
C) the change in total revenue resulting from a one-unit change in variable input.
D) the change in marginal revenue resulting from a one-unit change in variable input.
Answer: C
You might also like to view...
Deciding how a society's products are distributed among its citizens answers the economic question of:
A. "Who consumes the products produced?" B. "What products will be produced?" C. "Where will the products be consumed?" D. "How will the products be produced?"
The firm’s average cost curve is the result of cost minimization in the use of fixed inputs.
Answer the following statement true (T) or false (F)
The isoquants for inputs that are perfect complements for one another consist of a series of:
a. right angles b. parallel lines c. concentric circles d. right triangles e. none of the above
Suppose Chris is offered the following gamble: with probability 0.1 he will win $90, with probability 0.4 he will win $50, and with probability 0.5 he will lose $60. The expected value of this gamble is found by solving:
A. 0.1 × $90 + 0.4 × $50 B. 0.1 × $90 + 0.4 × $50 - 0.5 × $60 C. ($90 + $50 - $60)/3 D. 0.1 × ($90 - $60) + 0.4 × ($50 - $60)