Multiple Choice
If a firm is a price taker in both the input and output markets,its marginal revenue product of labor is given by:
A) the price of its output times the labor's marginal physical productivity.
B) the marginal value product of labor.
C) the marginal revenue product of capital times the ratio of the wage rate to the rental rate on capital.
D) all of the above.
Correct Answer:

Verified
Correct Answer:
Verified
Q5: A firm's marginal revenue is defined as<br>A)the
Q5: If the firms in perfectly competitive industries
Q11: Profit functions are homogeneous of degree:<br>A)zero in
Q14: If a price-taking firm's production function is
Q15: A firm's demand for labor is known
Q18: The substitution effect of a change in
Q22: If the demand faced by a firm
Q25: Which of the following conditions would result
Q26: A profit-maximizing firm will never hire that
Q28: A firm will hire additional units of