The Marginal Revenue Product of an Input in a Competitive

question 141

Multiple Choice

The marginal revenue product of an input in a competitive market decreases as a firm increases the quantity of the input employed because of the

• A)law of diminishing returns.
• B)law of diminishing marginal utility.
• C)homogeneity of the product.
• D)free mobility of resources.

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Results

Outcomes or data obtained from experiments, studies, or any process designed to gather information.

Standard Deviation

A statistical measure that quantifies the variation or dispersion of a set of data points from their mean value.

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The arithmetic average of a set of values, or distribution.

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