The Marginal Revenue Product of a Resource Is Best Described

question 78

Multiple Choice

The marginal revenue product of a resource is best described as the

• A) selling price of the last unit of output produced.
• B) increment of total cost resulting from the use of an additional unit of the resource.
• C) marginal product of the resource divided by the unit price of the good produced.
• D) change in total revenue resulting from employing an additional unit of the resource.

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Definitions:

Benefits

Various forms of non-wage compensation provided to employees in addition to their normal wages or salaries, such as health insurance, pension plans, and paid time off.

Organization

An organized assembly of individuals collaborating to reach shared objectives.

HRM Competencies

Essential skills, abilities, and knowledge required for effective human resource management, including strategic planning, leadership, and communication.

Stakeholders

Individuals or groups who have an interest in the decisions and actions of a business or organization, including employees, shareholders, customers, and community members.