Which of the following is characteristic of the marginal revenue product schedule for a resource?
a. It approximates the firm's demand curve for the resource.
b. It measures the change in total revenue resulting from employing an additional unit of the resource.
c. It is determined by multiplying the marginal product of the resource by the marginal revenue of the good produced.
d. All of these are true.
Question 2
A downward-sloping portion of a long-run average total cost curve is the result of:
a. economies of scale.
b. diseconomies of scale.
c. diminishing returns.
d. the existence of fixed resources.
A graphical representation of the marginal value theorem.
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