Lauren has 11 people working in her tangerine grove. The marginal product of the eleventh worker is 13 bushels of tangerines. If she hires a twelfth worker, the marginal product of that worker will be:
A) 14 bushels.
B) 15 bushels.
C) 12 bushels.
D) The answer cannot be determined with the information available.
Correct Answer:
Verified
Q11: Use the following to answer questions:
Q12: In the long run:
A)all inputs are fixed.
B)inputs
Q12: The long run is a planning period:
A)
Q13: The idea of diminishing returns to an
Q14: The _ is the increase in output
Q15: Use the following to answer questions:
Q17: The term diminishing returns refers to:
A) a
Q17: An input whose quantity can be changed
Q18: In the short run:
A)all inputs are fixed.
B)all
Q20: An input whose quantity CANNOT be changed
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