The Price of Apples Is Currently $1 Per Pound

question 12

Multiple Choice

The price of apples is currently $1 per pound. If apples are sold in a competitive market and the price of apples increases to $2 per pound, the marginal revenue product (MRP) of labor used to produce apples would:

• A) not change.
• B) change in a manner that cannot be determined without additional information.
• C) be cut in half.
• D) double.

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Definitions:

Percent

A mathematical term denoting a part or fraction of a hundred, commonly used to express proportions or ratios.

Benign Tumors

Non-cancerous growths in the body that are not invasive and do not spread to other parts.

Significant Health

Refers to the overall state of physical, mental, and social well-being that is free from major diseases or health issues, significantly impacting an individual's quality of life.

Other Tissues

Refers to various types of bodily tissues aside from the ones specifically mentioned, encompassing a wide range of cellular structures and functions.