Asked by
Yipcys Moreno
on Dec 12, 2024
Verified
The change in the total revenue of a firm that results from employing one additional unit of a factor of production is defined as the
A) total revenue product of the resource.
B) marginal product of the resource.
C) marginal revenue product of the resource.
D) average revenue product of the resource.
Marginal Revenue Product
The additional income generated from selling one more unit of a good or service, calculated as the extra revenue produced by the marginal unit of output.
- Comprehend the principles of marginal revenue product (MRP) and the marginal product of labor.
Verified Answer
MJ
Learning Objectives
- Comprehend the principles of marginal revenue product (MRP) and the marginal product of labor.