Holding the Price of a Firm's Output Constant, If the Marginal

question 3

Multiple Choice

Holding the price of a firm's output constant, if the marginal product of labour increases

• A)the marginal revenue product of labour decreases.
• B)the marginal revenue product of labour also increases.
• C)the marginal products of other inputs also increase.
• D)the marginal revenue product of labour may increase or decrease.

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Definitions:

Whaling Industry

The practice of hunting whales for their usable products like meat, oil, and blubber, which has historically played a significant economic role in some cultures.

Whale Meat

The flesh of whales used as food, which is a controversial subject due to conservation efforts.

Japan

An island country in East Asia known for its rich history, diverse culture, and advanced technology.

Lake Nipissing

A freshwater lake located in Ontario, Canada, known for its recreational fishing and role in local ecosystems.