The Marginal Revenue Product of an Input Is

question 43

Multiple Choice

The marginal revenue product of an input is:

• A)the selling price of the last unit of output.
• B)the increment of total revenue resulting from the use of an additional unit of input.
• C)used in determining marginal product.
• D)harder to determine in pure competition than in monopoly.
• E)harder to determine in pure competition than in oligopoly.

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Definitions:

Functional Plan

A strategic action plan for a specific department focusing on its unique objectives and methods.

Strategic Plans

Defining organizational goals, devising action plans, and allocating resources to meet long-term objectives.

Action Directions

Guidelines or instructions designed to steer activities towards the achievement of specific goals or objectives.

Broad

Wide in extent or scope; encompassing a large area or range.