Consider the Following Table for a Firm TABLE 13- 2
-Which of the Following Is the Best

question 73

Multiple Choice

Consider the following table for a firm.The first column shows the number of units of a variable factor of production employed by the firm. $$\begin{array} { | c | l | } \hline \begin{array} { c } \text { Total Number of } \\\text { Units of the Factor }\end{array} & \begin{array} { c } \text { Total Number of } \\\text { Units of Output }\end{array} \\\hline 2 & 100 \\\hline 3 & 110 \\\hline 4 & 128 \\\hline 5 & 148 \\\hline 6 & 162 \\\hline 7 & 170 \\\hline 8 & 166 \\\hline\end{array}$$ TABLE 13- 2
-Which of the following is the best definition of the marginal revenue product (MRP) of a factor of production?

• A)the average product of the factor multiplied by the price of the output
• B)marginal revenue multiplied by total product
• C)the change in revenue caused by the sale of an additional unit of output
• D)the change in revenue generated by the sale of the product produced by an additional unit of input
• E)the increase in output resulting from the use of an additional unit of the factor multiplied by the cost of that factor

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Definitions:

Attendance

The act of being present at a particular place or event.

Persons

Refers to individuals or entities that are capable of possessing rights and duties.

Long-Run Equilibrium

A market condition where supply equals demand, all firms are maximizing profit, and no firm has an incentive to change its output.

Club Meeting

An organized gathering of members belonging to a particular club or group to discuss matters of common interest.