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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Definitions:

Inspection

The act of examining something closely in order to ensure it meets certain standards or requirements.

Palpation

A method used by healthcare providers to feel the body with their hands to examine the size, consistency, texture, location, and tenderness of an organ or body part.

Visual Field

The total area in which objects can be seen in the peripheral vision while the eye is focused on a central point.

Advanced Glaucoma

A severe stage of glaucoma, characterized by significant vision loss due to damage to the optic nerve.