If the marginal revenue product of land is greater than its price, a firm should
A. decrease the price it is willing to pay for land.
B. use more land.
C. use less land.
D. try to decrease the productivity of land.
Answer: B
Economics
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A bilateral monopoly is a situation where a firm is:
A. A monopoly in its product market and is a monopsony in its labor market B. The only employer of a resource and is acquiring that resource from a single supplier C. One of only two firms that produce a particular product D. The only buyer of a resource and also the only seller of a product
Economics
In Figure 3-4, for which of the following would this statement be true: “To get more apples we have to give up wheat.” A movement from
A. A to E. B. C to D. C. D to C. D. D to E. E. B to C.
Economics