According to the Principle of Marginal Productivity, If

question 22

Multiple Choice

According to the principle of marginal productivity, if

• A) the product price is less than MRP, the firm is using too little of the input.
• B) the price of an input rises, the quantity demanded of the input will increase.
• C) MRP is greater than product price, the firm should reduce the use of the input.
• D) price of the input equals MRP, the firm is maximizing profit.

Understand the concept of conditional probability and its calculation.

Grasp the concept of independent events and how they affect probability outcomes.

Identify and apply the correct approach to assigning probabilities (classical, relative frequency, or subjective).

Analyze real-life data to calculate probabilities for given events.

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Definitions:

Legitimate Authority

The rightful or morally justified power held by an entity or individual, which is recognized and followed by others.

Unconscious Desire

Wishes or wants that influence behavior without becoming part of conscious awareness.

Ethical Concerns

Considerations related to determining what is right or wrong in a moral sense, often applied in professional and personal decision-making.

Psychological Study

The scientific research and analysis of human behavior, emotions, and mental processes.