For a competitive firm the marginal revenue product of labor is usually downward sloping
What will be an ideal response?
True. The marginal revenue product equals the marginal product multiplied by the constant price. The marginal product of labor is usually downward sloping due to diminishing marginal returns.
Economics
You might also like to view...
Saving represents
A) a source of funds for business investment. B) a normal part of the circular flow of income and output. C) an injection to the circular flow of income and output. D) a counter-example to Say's law that the classical economists never considered.
Economics
Small devaluations are usually sufficient to stem capital flight
Indicate whether the statement is true or false
Economics