For a perfectly competitive firm, the marginal revenue product is equal to the marginal product multiplied by the output price.
a. True
b. False
Indicate whether the statement is true or false
Question 2
Which of the following is an example of inelastic demand?
a. A 10 percent increase in the price of milk leads to a 20 percent decrease in the quantity demanded of milk.
b. A 10 percent increase in the price of milk leads to a 10 percent decrease in the quantity demanded of milk.
c. A 10 percent increase in the price of milk leads to a 5 percent decrease in the quantity demanded of milk.
d. A 10 percent increase in the price of milk leads to a 10 percent increase in the quantity demanded of milk.
e. A 10 percent increase in the price of milk leads to a 5 percent increase in the quantity demanded of milk.
A graphical representation of the marginal value theorem.
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