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The Value of Marginal Product (VMP) of an Input Such

Question 214

Multiple Choice

The value of marginal product (VMP) of an input such as labor is the


A) additional output produced by the last unit of an input.
B) total revenue divided by the units of the input employed.
C) extra revenue gained by selling one more unit of output.
D) extra revenue gained by employing one more unit of the input.

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