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Author Question: Which of the following statements brings out the relationship between the value of marginal product ... (Read 42 times)

formula1

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on: Jun 30, 2018
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


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maya.nigrin17@yahoo.com

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

False


formula1

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

kjohnson

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Reply 3 on: Yesterday
:D TYSM

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