Asked by
Marie Hammer
on Dec 12, 2024
Verified
Marginal revenue product is the
A) additional revenue from one additional dollar increase in price.
B) change in the revenue product resulting from one additional unit of input.
C) additional revenue from one additional unit of input.
D) change in revenue resulting in one additional dollar in price.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource or factors of production.
- Understand the concepts of marginal revenue product (MRP) and marginal product of labor.
Verified Answer
MS
Learning Objectives
- Understand the concepts of marginal revenue product (MRP) and marginal product of labor.