# G The effect on revenue due to a marginal increase in the input is called the marginal revenue product. Match the statements below with the appropriate type of market structure a firm operates in. The marginal revenue product of the input x is lower than the value of the marginal product of that input (price times marginal product). This statement is true for a

1 answer

###### Question:

g The effect on revenue due to a marginal increase in the input is called the marginal revenue product. Match the statements below with the appropriate type of market structure a firm operates in. The marginal revenue product of the input x is lower than the value of the marginal product of that input (price times marginal product). This statement is true for a

## Answers

Answer:Statement true for Imperfect Competition MarketsExplanation:Marginal Revenue Product is additional revenue due to hiring of additional input, it is product of marginal product & marginal revenue = MP x MR Value Marginal Product is money value of additional production with additional input, product of marginal product (MP) & price (AR), = MP x AR Input demand curves are derived demand curves, derived from demand of final goods. In perfect competition, demand is perfectly inelastic & horizontal, AR = MR, so MRP = VMP in this case. In imperfect competition market (oligopoly, monopoly etc) - MR < AR, so MRP < VMP in this case.

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BIG IDEAS MATH
aroslin001
#19- i
USING TOOLS The sum of the angle measures of a quadrilateral is 360°. Write and solve an equation to find the value of x.
full
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= 360
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