Which of the Following Statements Is TRUE

question 86

Multiple Choice

Which of the following statements is TRUE?

• A) The marginal product is the change in total revenue divided by a one-unit change in a factor.
• B) The marginal revenue is the change in total output divided by the change in output.
• C) The value of the marginal product is the marginal product times the price.
• D) The marginal cost is equal to the average total cost.

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Definitions:

In-House

Activities or processes performed within an organization by its own employees or resources, rather than being outsourced.

Outsource

The practice of hiring third-party vendors to perform services or produce goods that were previously done in-house, often to reduce costs or access specialized skills.

Low Bidder

In procurement, it refers to the entity that offers the lowest price to supply goods or services in a competitive bidding process.

Expensive Bidder

A term that does not correspond to a specific widely recognized concept in business or economics, thus NO.