The Value of Marginal Product (VMP) Is

question 110

Multiple Choice

The value of marginal product (VMP) is

• A)equal to the product price multiplied by the marginal physical product of the factor.
• B)equal to marginal revenue product for a product price taker.
• C)the firm's factor demand curve if the firm is a product price taker.
• D)a measure of the value that each factor unit adds to the firm's product.
• E)all of the above

---

Definitions:

Event

In probability and statistics, an outcome or a set of outcomes of a random experiment; an event defines a specific occurrence within a sample space.

Probability Theory

The branch of mathematics that deals with the analysis of random phenomena and the likelihood of various outcomes.

Outcome

The result or consequence of an experiment or action, often considered in the context of probabilities.

Sample Space

The set of all possible outcomes or results in a statistical experiment or random trial, from which samples can be drawn for analysis.