Use the following to answer question:
-(Table: Value of the Marginal Product of Labor and Demand)Use Table: Value of the Marginal Product of Labor and Demand.In the table,the total product of labor is shown for the hourly production of power cords.Assume that the market for power cords is perfectly competitive.If the price of a power cord is $2,the value of the marginal product for the fifth worker is:
A)$0.
B)$20.
C)$40.
D)$60.

Question

Use the following to answer question: 
-(Table: Value of the Marginal Product of Labor and Demand)Use Table: Value of the Marginal Product of Labor and Demand.In the table,the total product of labor is shown for the hourly production of power cords.Assume that the market for power cords is perfectly competitive.If the price of a power cord is $2,the value of the marginal product for the fifth worker is:
A)$0. 
B)$20. 
C)$40. 
D)$60.

Quizplus · Accepted Answer

The value of the marginal product of the fifth worker can be found in the table by taking the difference between the total product of the fifth worker and the total product of the fourth worker. This is equal to 20 units (120-100). If the price of a power cord is $2, then the value of the marginal product of the fifth worker is $40 (20 units x $2). Therefore, the answer is C.

Use the Following to Answer Question