Scenario: Consider a firm that produces and sells a good for the price of $2 in a perfectly competitive market. The following table shows the relationship between the number of workers and the output of this firm. Suppose the labor market from which this firm hires its employees is competitive.
-Refer to the scenario above.What is the marginal product of labor when the third worker is hired?
A) 36
B) 72
C) 18
D) 9
Correct Answer:
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Q1: Which of the following is true of
Q3: Scenario: Consider a firm that produces and
Q4: Scenario: Consider a firm that produces and
Q5: The following figure shows the production function
Q6: Which of the following statements is true?
A)
Q7: The value of the marginal product of
Q8: Which of the following correctly identifies the
Q9: Scenario: Consider a firm that produces and
Q10: What is a factor of production? Why
Q11: Scenario: Consider a firm that produces and
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