If a Firm Is Maximizing Profit and the Marginal Revenue

question 53

Multiple Choice

If a firm is maximizing profit and the marginal revenue product of labor is $10 and the marginal revenue product of capital is $30, then

• A)the marginal resource cost of labor is $3, and the marginal resource cost of capital is $0.33
• B)the marginal resource cost of labor is $0.33, and the marginal resource cost of capital is $3
• C)the marginal resource cost of labor equals the marginal resource cost of capital; both are $300
• D)the marginal resource cost of labor is 1/3 of the marginal resource cost of capital
• E)we have no way of knowing the marginal resource cost of either labor or capital

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