WebA) both produce where marginal revenue equals marginal cost . B) both will observe entry into the industry if economic profit is positive . C) both produce a unique good . D) both produce where price equals marginal cost . Answer: A . 15) In the short run, for a firm in monopolistic competition, A) the firm's economic profit must equal zero. WebNo. Marginal revenue is the amount of revenue one could gain from selling one additional unit. Marginal cost is the cost of selling one more unit. If marginal revenue were greater than marginal cost, then that would mean selling one more unit would bring in more revenue than it would cost.
10.2 The Monopoly Model – Principles of Economics
WebJun 23, 2024 · The law of diminishing marginal productivity is also known as the law of diminishing marginal returns. Marginal productivity or marginal product refers to the extra output, return, or... WebThe marginal revenue product of a worker can be defined as the additional revenue generated because of hiring an additional worker. It can be calculated as the product of the marginal product of labor or MP and the marginal revenue or MR of the production. MRP = MP \times MR M RP = M P × M R bosch multitool pmf 220 ce set
Marginal revenue and marginal cost (video) Khan Academy
WebDec 27, 2024 · Marginal revenue product (MRP) explains the additional revenue generated by adding an extra unit of production resource. It is an important concept for determining … Web(A) Total revenue is maximized when the firm produces 100 units of output. (B) Marginal revenue equals $50 when the firm produces 100 units of output. (C) Marginal cost is greater than marginal revenue when the firm produces 150 units of output. (D) Marginal cost is minimized when the firm produces 100 units of output. WebThe marginal revenue product of labor is the answer choices (A) product price times the wage rate (B) additional revenue a firm earns when it employs an additional unit of labor (C) increase in the average product of labor when the firm employs an additional unit of labor hawaiian exotic fruits