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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Definitions:

Electric Shifter Assembly

A system that uses electrical signals to change gears in a vehicle, replacing mechanical linkage with electronic controls.

Fault Code

A condition failure code logged to computer memory and often broadcast onto the vehicle data bus. Classified as active or historic/inactive, fault codes are assigned one of twelve failure mode indicators (FMIs) for purposes of diagnosing system conditions and recording to audit trails.

Ignition Key

A key used to start a vehicle's engine by engaging the ignition system.

Gear Select Sensor

A device in a vehicle's transmission system that detects the position of the gear lever and sends signals accordingly to the transmission control module.