The Following Table Shows Total Output Produced by Different Units

question 26

Multiple Choice

The following table shows total output produced by different units of capital.Table 14.3
The marginal revenue product of a resource is the product of the marginal product of the resource and the marginal revenue.
-A perfectly competitive employer of an input will maximize profits from the employment of the input by equating:

• A)the value of the marginal product of the input with the price of the output.
• B)the marginal product of the last unit of the input employed with the input price.
• C)the input price with the price of the product produced.
• D)the marginal revenue product of the input with the input price.
• E)the marginal product of the last unit of the input employed with the price of the product produced.

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Definitions:

Strong Ties

Deep, close relationships often characterized by trust, frequent interaction, and a strong sense of commitment.

Social Capital

Refers to the networks, relationships, and connections among people that can be leveraged for mutual benefit and to achieve goals.

Devil's Advocate

A person who expresses a contrary opinion or takes an opposing view, especially for the sake of argument or to explore different perspectives.

Assumptions

Beliefs or statements taken for granted without proof, often used as a basis for reasoning or conduct.