Define marginal revenue product.
Understand the Problem
The question is asking for a definition of the term 'marginal revenue product', which is a concept in economics related to the additional revenue generated from employing one more unit of a factor of production, usually labor. This concept is used to analyze how factors contribute to a firm's output and profit.
Answer
Marginal Revenue Product
The final answer is Marginal Revenue Product
Answer for screen readers
The final answer is Marginal Revenue Product
More Information
Marginal Revenue Product (MRP) is the additional revenue generated from employing one more unit of a factor of production, such as labor.
Sources
- Marginal Revenue Product - Khan Academy - khanacademy.org
- Marginal Revenue Product Explanation - Investopedia - investopedia.com
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