MICROECONOMICS - DAVID BENNETT EASY QUIZ #4 NAME 1. The demand for goods and ser
ID: 1121059 • Letter: M
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MICROECONOMICS - DAVID BENNETT EASY QUIZ #4 NAME 1. The demand for goods and services is called demand, while the demand for resources is called A) derived, derived B) final, final C) final, derived D) derive, final demand 2. Which statement is true? A) A change in derived demand brings about a change in final demand. B) A change in final demand brings about a change in derived demand. C) A rise in final demand is associated with a decline in derived demand. D) None of these statements is true. 3. The additional revenue obtained by selling the output produced by one more unit of resource is its A) marginal physical product. B) marginal revenue product. C) final demand. D) average revenue product. 4·The predecessor to the AFL was the A) Teamsters Union. B) Knights of Labor. CIO. D) The International Workers of the World. 5. The National Labor Relations Act (or Wagner Act) was passed in A) 1900. B) 1920. 1935. D) 1950 E) 1965.Explanation / Answer
If you are asking the answer to the Question 3.
The answer to Question 3 is (B) Marginal Revenue Product.
Marginal revenue product (MRP), also known as the marginal value product, is the market value of one additional unit of output. The marginal revenue product is calculated by multiplying together the marginal physical product (MPP) by the marginal revenue.
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