For a Perfectly Competitive Firm, the Value of the Marginal

question 71

Multiple Choice

For a perfectly competitive firm, the value of the marginal product is

• A) the same thing as marginal factor cost.
• B) the same thing as marginal physical product.
• C) marginal physical product times the product price.
• D) marginal physical product times the wage rate.

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Definitions:

Carbocation

A species characterized by a carbon atom bearing a positive charge and three bonds instead of the usual four, making it highly reactive in organic reactions.

4-Phenylbutan-2-ol

An organic compound with the structure of butan-2-ol substituted with a phenyl group at the fourth carbon.

3-Phenylpropanal

An organic compound characterized by a benzene ring attached to a three-carbon chain ending in an aldehyde group.

3-Methylhept-4-yn-3-ol

An organic molecule characterized by a chain of eight carbon atoms with a triple bond and a methyl and alcohol functional group attached.