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In Competitive Markets,the Marginal Revenue Product Curve and Marginal Physical

Question 21

Multiple Choice

In competitive markets,the marginal revenue product curve and marginal physical product curve have similar shapes because


A) The demand curve for the product slopes downward in accordance with the law of diminishing returns.
B) MRP = P × MPP.
C) The law of diminishing marginal utility and the law of diminishing returns imply a downward-sloping demand curve in the product market.
D) The demand curve for labor is the same for both the individual firm and the market as a whole.

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