Asked by
Catherine Cassidy
on Dec 12, 2024
Verified
The marginal revenue product of a resource is best described as the
A) selling price of the last unit of output produced.
B) increment of total cost resulting from the use of an additional unit of the resource.
C) marginal product of the resource divided by the unit price of the good produced.
D) change in total revenue resulting from employing an additional unit of the resource.
Marginal Revenue Product
The supplementary earnings derived from the utilization of an additional production factor unit.
- Gain an understanding of the notions underlying marginal revenue product (MRP) and marginal product of labor.
Verified Answer
KA
Learning Objectives
- Gain an understanding of the notions underlying marginal revenue product (MRP) and marginal product of labor.