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marginal revenue product
the change in total revenue resulting from the use of each additional unit of a resource
indicates that a firm will purchase more of an input whose relative price has declined and use less of an input whose relative price has increased
indicated that a firm will purchase more of one particular input when the price of the other input falls and less of that particular input when the price of the other input rises
least-cost combination of resources
when the last dollar spent on each resource yields the same marginal product
profit macimizing combination of resources
when each resource is employed to the point at which its marginal revenue product equals its resource price
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