The Marginal Revenue Product of an Economic Resource for a Firm

question 142

Multiple Choice

The marginal revenue product of an economic resource for a firm operating in purely competitive product and resource markets

• A) is the marginal product of the resource divided by the price of the final product.
• B) is the increase in total revenue resulting from the addition of one more unit of the resource.
• C) is equal to the average revenue product at the lowest point of the average revenue product curve.
• D) decreases as the quantity of output decreases.

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Definitions:

Observational Learning

Learning that results from watching or hearing about a person modeling the behavior.

Social Encouragement

The act of motivating or inspiring individuals through social interaction and support.

Respect

A feeling of deep admiration for someone or something elicited by their abilities, qualities, or achievements.

External Reinforcements

Rewards or punishments from the external environment that influence and shape behavior.