Marginal physical product can tell a producer
a. at what point to stop adding inputs to the production process.
b. how much profit will be made at each level of production.
c. how much the last input added to the total amount of revenue.
d. how much the last input added to the total amount of production.
d
Economics
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Using the above figure, of the prices below, which price enables a perfectly competitive firm to earn the maximum economic profit?
A) $4 per unit. B) $10 per unit. C) $12 per unit. D) $16 per unit.
Economics
Explain why there is a direct relationship between price and quantity supplied
What will be an ideal response?
Economics