Asked by
Shaho Shwani
on Oct 12, 2024Verified
The marginal revenue product schedule is a
A) demand schedule for a final product.
B) demand schedule for a resource.
C) supply schedule for a final product.
D) supply schedule for a resource.
Marginal Revenue Product Schedule
This schedule outlines how the marginal revenue product (the additional revenue generated by employing one more unit of a resource) changes as the quantity of the resource employed increases, holding other factors constant.
Demand Schedule
A table that shows the quantity of a good or service that consumers are willing and able to purchase at various prices.
- Comprehend the concept of derived demand as it applies to labor and various resources.
Verified Answer
MG
Learning Objectives
- Comprehend the concept of derived demand as it applies to labor and various resources.