Author Question: For any firm in any market structure, what is a factor'smarginal revenue product? (Read 130 times)

hannahmadyronde · **on:** Oct 12, 2022

For any firm in any market structure, what is a factor's marginal revenue product?
◦ the change in revenue caused by the sale of an additional unit of output
◦ the increase in output resulting from the use of an additional unit of the factor multiplied by the cost of that factor
◦ marginal revenue multiplied by total product
◦ the change in revenue generated by the sale of the product produced by an additional unit of the factor
◦ the average product of the factor multiplied by the price of the output

ad2018 · **Reply #1 on:** Oct 12, 2022

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