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Question
| Labor Input (workers per week) | Marginal Physical Product (output per week) | Marginal Revenue MR |
| 25 | 150 | 9.00 |
| 26 | 140 | 8.50 |
| 27 | 130 | 8.00 |
| 28 | 120 | 7.50 |
| 29 | 110 | 7.00 |
Refer to the above table. How do we know that this is not a competitive firm?
A) The marginal physical product decreases as the amount of labor hired increases.
B) The marginal revenue changes as output changes.
C) The marginal revenue product decreases as the amount of labor increases.
D) Marginal physical product cannot be computed for competitive firms.
Answer
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