Marginal Revenue Product Measures the

question 321

Multiple Choice

Marginal revenue product measures the

• A)amount by which the addition of one more worker increases a firm's total revenue.
• B)decline in product price that a firm must accept to sell the extra output of one more worker.
• C)increase in total resource cost resulting from the hire of one extra unit of a resource.
• D)increase in total revenue resulting from the production of one more unit of a product.

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Definitions:

Price Maker

A firm or entity that has significant control over the price of the goods or services it provides, due to lack of competition.

Big Data

Refers to extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions.

Price Discriminate

A pricing strategy where identical or substantially similar goods or services are sold at different prices to different customers.

Personalized Pricing

A pricing strategy where prices are set for individual customers based on their perceived willingness to pay, often using data analytics.