The Marginal Revenue Product of a Resource

question 82

Multiple Choice

The marginal revenue product of a resource:

• A) is defined as the marginal product of the resource multiplied by the resource price.
• B) simply means that a firm should add to its capital stock as long as competition requires it.
• C) equals the extra output produced by an additional unit of the resource multiplied by the price of that output.
• D) equals the average product of the resource multiplied by the cost of hiring an additional (marginal) unit of the resource.

Explain the role of LDL cholesterol and receptor-mediated endocytosis in cellular processes.

Identify and specify the roles of different types of membrane proteins and their importance in cellular functions.

Describe the structure and function of plasmodesmata in plant cells.

Understand the mechanisms of signal transduction and its importance in cellular communication.

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Definitions:

Inferior Good

A type of good whose demand decreases when consumers' income increases, opposite to normal goods.

Demand Elastic

A measure of how sensitive the quantity demanded of a good or service is to a change in its price.

Supply Inelastic

A situation where the quantity supplied of a good is not significantly affected by changes in its price.

Cross Elasticity

A gauge for the reaction in the demand for one item when there's a price alteration in another item.