单选题
Are the following two statements about the marginal revenue
product (MRP) of a factor of production correct?
Statement 1: In a price taker market, the MRP of an input is the marginal
product of the input multiplied by the price of the output it
generates.
Statement 2: If we compare any two productive
inputs, the one with the higher MRP will earn greater economic rent.
Statement 1
Statement 2
①A. Correct
Correct
②B. Incorrect
Correct
③C.
Correct Incorrect
【正确答案】
C
【答案解析】Statement 1 is correct. MRP is the addition to total revenue from selling the output generated by one more unit of input. In a price taker market (i. e. perfect competition) , marginal revenue is equal to price. Therefore, the MRP is the marginal product of the input times the output price. Statement 2 is incorrect. The extent to which a factor of production earns economic rent depends on the shape of its supply curve. An input with a high MRP might earn very little economic rent if the supply of the input is highly elastic. An input with a relatively lower MRP can earn significant economic rent if its supply is highly inelastic.