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12.Are the following two statements about the marginal revenue product (MRP) of a factor of production accurate?Statement 1: In a price taker market, the MRP of an input is the marginal product of the input multiplied by the price of the output it generates. Statement 2: If we compare any two productive inputs, the one with the higher MRP will earn greater economic rent.Statement 1Statement 2 A:A:IncorrectCorrect B:B:CorrectCorrect C:C:CorrectIncorrect |
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