The Following Table Shows Total Output Produced by Different Units

question 99

Multiple Choice

The following table shows total output produced by different units of capital.Table 14.3
The marginal revenue product of a resource is the product of the marginal product of the resource and the marginal revenue.
-The producer can raise the level of profit by hiring more units of a resource if:

• A)the marginal revenue product of the resource is equal to the marginal factor cost.
• B)the marginal factor cost becomes negative.
• C)the marginal revenue product of the resource is greater than the marginal factor cost.
• D)the marginal revenue product falls to zero.
• E)the marginal revenue product of the resource is less than the marginal factor cost.

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Definitions:

Fair Day's Work

An ethical and practical concept suggesting a reasonable amount of work that should be expected from an employee in a day.

Visual Workplace

A work environment where information about processes and operations is made visible through signs, labels, and visual cues to enhance efficiency and safety.

Information Flow

The movement of information between individuals, groups, or organizations, facilitating communication and decision-making processes.

Non-value-adding

Activities or processes that do not add value to the product or service from the customer's perspective, often considered waste.