Marginal Revenue Product Is Defined as the

question 95

Multiple Choice

Marginal revenue product is defined as the

• A)change in total output that results from the employment of an additional unit of a resource
• B)change in total product that results from the employment of an additional unit of a resource
• C)change in total revenue that results from the employment of an additional unit of a resource
• D)change in resource employment that results from a change in total output
• E)change in marginal revenue that results from a change in the employment of an additional unit of a resource

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Definitions:

Warranty of Title

A guarantee provided by a seller that they have the right to sell the property and that there are no undisclosed encumbrances or liens against it.

Police Auction

An event where items that have been confiscated, abandoned, or recovered by law enforcement agencies are sold to the highest bidder.

Abandoned Property

Property that has been discarded by the owner without the intent to reclaim ownership of it. Courts require clear and convincing evidence of both the desertion by the owner and the owner’s intent never to return.

Fair Market Value

The price that a property would sell for on the open market, considering all conditions of the sale without any undue pressures on buyer or seller.