Asked by Juliet Sebastian on May 14, 2024
Verified
Different rents on land reflect differences in the marginal revenue product of land.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a resource or input.
- Comprehend the elements that determine rental values and their relationship with land and marginal revenue product.
Verified Answer
SK
Sebasteena KagitMay 16, 2024
Final Answer :
True
Explanation :
Different rents on land reflect differences in the marginal revenue product of land since land with higher marginal revenue product is more valuable and can generate higher rent.
Learning Objectives
- Comprehend the elements that determine rental values and their relationship with land and marginal revenue product.