Multiple Choice
In a price-taker industry, the marginal revenue derived from the sale of an additional unit of the product is equal to the market price of the product. In these circumstances,
A) value of marginal product is less than marginal revenue product.
B) value of marginal product is greater than marginal revenue product.
C) value of marginal product equals marginal revenue product.
D) marginal product equals marginal cost.
Correct Answer:
Verified
Correct Answer:
Verified
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