A measure of the value that one unit of a factor adds to the firm's output is value __________ product.
A) average
B) marginal
C) variable
D) fixed
Correct Answer:
Verified
Q45: Applying the least-cost rule to two factors,
Q46: For a product price searcher (such as
Q47: Value marginal product (VMP) is
A)a measure of
Q48: For a perfectly competitive firm, when the
Q49: Elasticity of demand for labor measures the
Q51: For a perfectly competitive firm, a decrease
Q52: The firm's factor demand curve is the
A)MRP
Q53: The market demand curve for labor is
A)the
Q54: The wage rate increases 8 percent, and
Q55: Exhibit 26-2
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