Which of the Following Is True of the Marginal Value

question 72

Multiple Choice

Which of the following is true of the marginal value product curve (MVP) and the marginal revenue product curve (MRP) for an output market monopolist?

• A)The MVP and the MRP are upward sloping curves that are parallel to each other.
• B)The MVP lies above the MRP and is downward-sloping.
• C)The MRP and the MVP coincide and are parallel to the horizontal axis.
• D)The MRP and the MVP intersect at the equilibrium wage rate.

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Definitions:

Delegable

Capable of being assigned or entrusted to another person or party, particularly in the context of duties or authority.

Contractual Duty

An obligation imposed by a contract that requires a party to act or refrain from acting in a certain manner.

Novation

The act of replacing an obligation to perform with a new obligation or replacing a party to an agreement with a new party.

Discharging Contract

Discharging a contract refers to the process by which parties are released from their obligations under the contract, for reasons such as fulfillment of the contract terms, mutual agreement, or impossibility of performance.