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.The marginal product of labor for this firm is ________.

Question

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.The marginal product of labor for this firm is ________.

Quizplus · Accepted Answer

The marginal product of labor is constant when each additional unit of labor contributes the same amount to the total output. Without specific details from the scenario, this answer is based on the general understanding of the term.

Scenario: Consider a Firm That Produces and Sells a Good