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Scenario: Consider a Firm That Produces and Sells a Good

Question 20

Multiple Choice

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.
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 value of the marginal product of labor when the first worker is hired? A) $15 B) $30 C) $18 D) $9
-Refer to the scenario above.What is the value of the marginal product of labor when the first worker is hired?


A) $15
B) $30
C) $18
D) $9

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