Question

The marginal revenue product schedule is: * 1 point A) the same whether the firm is selling in a purely competitive or imperfectly competitive market. B) the firm's resource demand schedule. C) the firm's resource supply schedule. D) upsloping.

Answer 1

Answer:

B) the firm's resource demand schedule.

Explanation:

A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks etc.

Marginal cost can be defined as the additional or extra cost that is being incurred by a company as a result of the production of an additional unit of a product or service.

Generally, marginal cost can be calculated by dividing the change in production costs by the change in level of output or quantity.

Marginal revenue can be defined as the additional amount of money that is gained or generated by a business firm from the sales of an additional unit of a product or service.

Hence, the marginal revenue product schedule is equal to the firm's resource demand schedule i.e the quantity of goods demanded at different price level at a specific period of time.