Multiple Choice
The price of apples is currently $1 per pound. If apples are sold in a competitive market and the price of apples increases to $2 per pound, the marginal revenue product (MRP) of labor used to produce apples would:
A) not change.
B) change in a manner that cannot be determined without additional information.
C) be cut in half.
D) double.
Correct Answer:
Verified
Correct Answer:
Verified
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