ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

Which of the following statements is true?

  a.

Marginal revenue product is the extra revenue generated to the firm from the production of one more unit of output.

 
 
  b.

Marginal factor cost is the extra cost to a firm of employing one more unit of a factor of production.
  c.

The demand curve for a perfectly competitive employer is horizontal at the market wage rate.

 
  d.

The supply curve of labor is upward sloping because of the law of diminishing marginal productivity.
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