The Effort Required to Locate a Suitable Product Is Called

question 90

Multiple Choice

The effort required to locate a suitable product is called

• A) price discrimination.
• B) search costs.
• C) menu costs.
• D) shopping costs.

---

Definitions:

Marginal Revenue Product

The boost in revenue achieved by adding one more unit of a factor involved in production.

Marginal Product

The additional output that results from using one more unit of a particular input, keeping other inputs constant.

Variable Input

Any resource used in production whose quantity can be changed in the short term to increase or decrease output.

Marginal Revenue Product Curve

A graphical representation showing how the additional revenue generated by employing one more unit of a resource varies with the quantity of the resource employed.