Marginal revenue product for a price taker equals
a. MP ? P
b. MP/MRC
c. MP ? MRC
d. MRC/MP
e. MP/P
A
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In the above figure, in order for the equilibrium price to remain constant while the equilibrium quantity increases, the
A) supply and demand curves both would have to shift leftward. B) supply curve would have to shift leftward and the demand curve would have to shift rightward. C) supply curve would have to shift rightward and the demand curve would have to shift leftward. D) supply and demand curves both would have to shift rightward.
The evidence cited in the chapter using the examples of the East Asia New Industrializing Countries suggests that as international productivities converge, so do international wage levels
Why do you suppose this happened for the East Asian NICs? In light of your answer, what do you think is likely to happen to the relative wages (relative to those in the United States) of China in the coming decade? Explain your reasoning.