If a profit-maximizing firm is a price taker in both the input and output markets, its marginal revenue product of labor is given by
a. the price of its output times labor's marginal physical productivity.
b. the marginal value product of labor.
c. the marginal revenue product of capital times the ratio of the wage rate to the rental rate on capital.
d. all of the above.
d
Economics
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Refer to the production function. The marginal product at 5 units equals ________ units
Fill in the blank(s) with correct word
Economics
Amy is working part-time. Tavaris is on temporary layoff. Who is included in the Bureau of Labor Statistics' "employed" category?
a. only Amy b. only Tavaris c. both Amy and Tavaris d. neither Amy nor Tavaris
Economics