What Is the Difference Between a Firm's Marginal Revenue and Its

question 132

Multiple Choice

What is the difference between a firm's marginal revenue and its marginal revenue product?

• A)Marginal revenue is the change in sales revenue from selling one more unit of output while marginal revenue product is the profit earned from hiring one more worker.
• B)Marginal revenue is the change in sales revenue from selling one more unit of output while marginal revenue product is the change in total revenue from hiring one more worker.
• C)Marginal revenue is the increase in revenue when a firm raises its output price while marginal revenue product is the increase in marginal product when a firm hires an additional worker.
• D)There is no difference between the two terms.

Understand advanced concepts in conditioning such as stimulus generalization, discrimination, and higher-order conditioning.

Identify and explain the law of effect and its role in operant conditioning.

Understand how conditioned responses can impact physical health and psychological conditioning.

Apply conditioning principles to the development and treatment of phobias and addictive behaviors.

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Definitions:

Overall Motivation

The combined internal drive and external influences that energize, direct, and sustain an individual's efforts toward achieving a goal.

Trust

Confidence in the honesty, integrity, reliability, and fairness of a person or system.

Major Institutions

Key established organizations or foundations, especially those influential in society, like schools, hospitals, or banks.

Decreased Substantially

Reduced in size, amount, or extent by a large margin.