The Table Below Shows the Total Output Produced by Different

question 106

Multiple Choice

The table below shows the total output produced by different units of a resource. Assume that the resource and output markets are both perfectly competitive. The equilibrium price of the resource is $15.00, and the equilibrium price of the product is $0.50.Table 14.2
Marginal revenue product (MRP) of a resource is the product of the marginal product of the resource and the marginal revenue.
-If a resource is purchased and sold in a perfectly competitive market:

• A)there are a large number of resource suppliers and the resources are identical.
• B)there is a single buyer of resource and the resources are identical.
• C)there is a single buyer of resource and the resources are differentiated.
• D)there are a large number of resource suppliers and the resources are differentiated.
• E)there are a large number of resource suppliers and there is no entry or exit.

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Definitions:

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