Refer to the above table. If the price of the product is $1.50, what is the marginal revenue product of the 12th worker?
A. $1.50
B. $135
C. $1035
D. $90
Answer: B
You might also like to view...
The short-run supply curve of a perfectly competitive firm is based primarily on its
A. MC curve. B. AVC curve. C. AFC curve. D. ATC curve.
Primarily markets, not politics, determine the level of "merit goods" provision
Indicate whether the statement is true or false
When the price of an inferior good increases,
a. both the income and substitution effects encourage the consumer to purchase more of the good. b. both the income and substitution effects encourage the consumer to purchase less of the good. c. the income effect encourages the consumer to purchase more of the good, and the substitution effect encourages the consumer to purchase less of the good. d. the income effect encourages the consumer to purchase less of the good, and the substitution effect encourages the consumer to purchase more of the good.
According to the AD-AS diagram, short-term, an anti-inflation policy creates:
A. lower inflation. B. higher unemployment. C. higher output. D. higher inflation.