When Marginal Revenue Product of an Input Is Less Than

question 44

True/False

When marginal revenue product of an input is less than its price, the producers should use less of the input.

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Definitions:

Talcott Parsons

An American sociologist known for his development of a general theoretical system for the analysis of society called structural functionalism.

Goal Attainment

is the process or strategy of reaching a desired outcome or objective, often discussed within the context of organizational behavior and social action.

Identify

To recognize or establish as being a particular person or thing; to determine the identity of.

Ends

The term may refer to goals, objectives, or outcomes that an individual, group, or society seeks to achieve.