Suppose the marginal revenue product of the fifth worker hired by a firm is $18 and the price of the last unit of output produced is $6.The marginal product of the fifth worker is _____
A) 15 units of output if the product market is perfectly competitive.
B) 3 units of output if the product market is perfectly competitive.
C) 45 units of output if the product market is perfectly competitive.
D) 5 units of output if the producer is a price taker.
E) 15 units of output if the producer is a price taker.
Correct Answer:
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Q135: Table 11.2 Q136: The change in the total revenue of Q137: The marginal revenue product of land indicates Q138: Table 11.2 Q139: Marginal revenue product is defined as _ Q141: For a firm that has some power Q142: In a perfectly competitive labor market,a profit-maximizing Q143: Table 11.10 Q144: An increase in the demand for automobiles Q145: Table 11.4 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
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