Asked by Jennifer Robert on May 16, 2024
Verified
The marginal revenue product schedule for land refers to
A) a firm's demand for land.
B) the final demand for land.
C) the firm's supply of land.
D) the marginal physical product schedule for land.
Marginal Revenue Product
The additional revenue generated by employing one more unit of a factor, such as labor or capital.
Firm's Demand
The total quantity of goods or services that a company anticipates selling at a certain price level within a specific time frame.
Land
The surface of the earth not covered by water, recognized as a factor of production in economics, including natural resources and space for activities.
- Determine the elements that affect land supply and demand.
- Comprehend the relationship between market mechanisms in setting levels of wages, interest, and rent.
Verified Answer
HN
Hoang Ninh Hiep (K13_HN)May 18, 2024
Final Answer :
A
Explanation :
The marginal revenue product (MRP) schedule for land shows how a firm's demand for land varies with the amount of land it employs. It indicates the maximum amount the firm is willing to pay for each additional unit of land, based on the additional revenue (or savings in costs) each unit can generate.
Learning Objectives
- Determine the elements that affect land supply and demand.
- Comprehend the relationship between market mechanisms in setting levels of wages, interest, and rent.