If the first,second,third and forth worker employed by the firm add 15,21,12 and 8 units of total product respectively,we can conclude that:
A) The marginal product of all four workers is 14.
B) The total product of two workers is 42.
C) That after the second worker marginal product declines.
D) That adding a forth worker will cause total product to decline.
Correct Answer:
Verified
Q1: The factors of production include:
A) Money.
B) Profit.
C)
Q3: Marginal physical product is:
A) Equal to the
Q4: The maximum output that can be produced
Q5: Assume a restaurant hires an additional chef
Q6: Assume a toy company hires an additional
Q7: Which of the following are factors of
Q8: If more of an input factor is
Q9: The limits to the production of any
Q10: The change in total output that results
Q11: As more labor is hired in the
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