In Competitive Markets,the Marginal Revenue Product Curve and Marginal Physical

question 110

Multiple Choice

In competitive markets,the marginal revenue product curve and marginal physical product curve have similar shapes because

• A)The demand curve for the product slopes downward in accordance with the law of diminishing returns.
• B)MRP = P × MPP.
• C)The law of diminishing marginal utility and the law of diminishing returns imply a downward-sloping demand curve in the product market.

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