The value of the marginal product is equal to the marginal revenue product under perfect competition in the product market because:
a. price is equal to average revenue.
b. price is equal to average cost.
c. marginal revenue is equal to marginal cost.
d. price is equal to marginal revenue.
e. average revenue is equal to average cost.
d
Economics
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As the quantity of a good consumed increases, its marginal utility ________ and its total utility ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Economics
The figure above shows Freda's PPF. Freda currently produces 10 packets of fudge and no cookies. If Freda decides to produce 1 packet of cookies, her opportunity cost of the packet of cookies is ________ of fudge
A) 1 packet B) 1/2 packet C) 2 packets D) 0 packets
Economics