In General,as Units of Resource Inputs Rise,the Marginal Revenue Product

question 105

Multiple Choice

In general,as units of resource inputs rise,the marginal revenue product

• A)rises faster under imperfect competition than under perfect competition.
• B)rises faster under perfect competition than under imperfect competition.
• C)falls faster under perfect competition than under imperfect competition.
• D)falls faster under imperfect competition than under perfect competition.

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Definitions:

Minimum Efficient Scale

The smallest level of production a firm can achieve while still taking full advantage of economies of scale in terms of cost per unit.

Long-Run Average Total Cost

The per unit cost of production that includes both fixed and variable costs when all inputs are considered variable in the long run.

Output

The amount of products or services that a company, sector, or nation generates over a specific timeframe.

Gasoline Prices

The cost per unit of gasoline, influenced by factors like crude oil prices, taxes, and demand.