Which of the following statements brings out the relationship ...

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Which of the following statements brings out the relationship between the value of marginal product (VMP) and the marginal revenue product (MRP)?
 a. They are the same for a firm selling in a perfectly competitive market structure.
  b. They are the same for a firm purchasing inputs in a perfectly competitive market structure.
  c. VMP is greater than MRP when a firm is perfectly competitive in the product market.
  d. VMP is less than MRP when a firm is perfectly competitive in the product market.
  e. They are same when a firm is a monopolist.

Question 2

Sellers are more willing to supply a good or service for which the profit is low than to supply a good or service for which the profit is high.
 a. True
  b. False
  Indicate whether the statement is true or false

[maya.nigrin17@yahoo.com]

Answer to Question 1

a

Answer to Question 2

False

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TYSM

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Gracias!