Assume that the only variable resource used to produce output is labor. 
Refer to the provided table. When the firm hires four units of labor, the average product of labor is
A) 5 units of output.
B) 7.50 units of output.
C) 8.50 units of output.
D) 30 units of output.
Correct Answer:
Verified
Q206: The question is based on the following
Q211: This question is based on the following
Q262: Total fixed costs of production in the
Q269: Fixed costs are those costs that are
A)zero
Q283: If average variable cost is $74 and
Q285: At any level of output.
A)average variable cost
Q286: If a firm produces 10 units of
Q290: Marginal cost can be defined as the
A)change
Q294: With fixed costs of $400, a firm
Q300: When producing 8 units of output, average
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents