The Figure Given Below Represents the Marginal Revenue Product (MRP)

question 102

Multiple Choice

The figure given below represents the marginal revenue product (MRP) and the marginal factor cost (MFC) of a resource in the resource market. Figure 14.3 Consider the resource market shown in Figure 14.3.Given that the resource market is perfectly competitive,determine the equilibrium price of the resource.

• A)$8
• B)$3
• C)$5
• D)$4
• E)Cannot be determined from the information given

---

Definitions:

Nearsightedness

A common vision condition where objects nearby are seen clearly, but objects farther away are blurred.

Myopia

A common vision condition also known as nearsightedness, where distant objects appear blurred while close objects can be seen clearly.

Somatosensory System

The part of the sensory system concerned with receiving and processing sensory information from the body, including touch, temperature, body position, and pain.

Mechanical Energy

The sum of potential energy and kinetic energy present in the components of a mechanical system.