The Marginal Revenue Product of an Input Is the Marginal

question 115

True/False

The marginal revenue product of an input is the marginal physical product times the price per unit of output under perfect competition.

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Definitions:

Great Depression

A severe worldwide economic downturn that took place during the 1930s, marked by massive unemployment and the collapse of financial institutions.

Dispossessed Farmers

Farmers who have lost their land and livelihood, often due to economic, political, or environmental pressures.

Metropolitan Statistical Area (MSA)

An area with at least one major city of 50,000 or more inhabitants that is surrounded by adjacent counties that are socially and economically integrated with the city core.

Megacity

A metropolitan area with a total population in excess of ten million people.