If the Price of Output Increases, the Marginal Revenue Product

question 12

Multiple Choice

If the price of output increases, the marginal revenue product curve will shift ________ and the profit maximizing quantity of labor demanded will ________.

• A) up; increase
• B) up; decrease
• C) down; increase
• D) down; decrease

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Definitions:

Standards

Established norms or criteria against which measurements, quality, or acceptability are judged.

Imitated

The act of copying or mimicking the actions, behavior, or appearance of someone else.

Aggressive

Refers to behaviors or attitudes that demonstrate hostility, dominance, or the intent to harm others.

Artistic

Pertains to the creation or appreciation of beauty, expressed through mediums such as painting, music, literature, or performance.