In ________, Changes in Technology Affect the Marginal Revenue Product

question 13

Multiple Choice

In ________, changes in technology affect the marginal revenue product of a unit of labor input. In ________, changes in technology affect the marginal cost of a unit of output.

• A) the product market; the labor market
• B) output markets; input markets
• C) the labor market; the product market
• D) all markets; all markets

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Definitions:

Creditors

Individuals or institutions that lend money or extend credit to others.

Liabilities

Liabilities are financial obligations or debts that a company owes to external parties, which must be settled over time through the transfer of economic benefits including money, goods, or services.