For any resource it hires, a firm's marginal revenue product
a. is the change in the firm's total cost divided by the change in employment of that resource
b. equals the resource's marginal factor cost
c. equals marginal cost
d. is the change in the firm's total revenue divided by the change in employment of that resource
e. equals the change in the firm's marginal revenue
D
Economics
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What will be an ideal response?
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Allocative efficiency means that
a. firms have maximized production b. all mutually beneficial trades have taken place c. the next unit sold will increase total surplus d. producer surplus is maximized e. no mutually beneficial trades have occurred
Economics