Solved

If the Marginal Product of the Second Worker Hired by a Firm

Question 121

Multiple Choice

If the marginal product of the second worker hired by a firm is 14 units and the price of the tenth unit of output is $7,then the marginal revenue product _____


A) of the second worker is $98 regardless of the structure of the product market.
B) of the second worker is $98 if the firm is a price maker in the product market.
C) of the second worker is $98 if the product market is perfectly competitive.
D) of the tenth worker is $98 if the product market is perfectly competitive.
E) of the tenth worker is $98 if the firm is a price taker in the product market.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents