Using the data in the above table, if the firm employs 5 workers, total product (measured in units per day) and average product and marginal product of the fifth worker (measured in units per worker) are

A) 23, 5.00, and 4 respectively.
B) 23, 5.75, and 4 respectively.
C) 25, 5.00, and 2 respectively.
D) 25, 5.75, and 4 respectively.


C

Economics

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For a firm in a perfectly competitive labor market, the supply curve of labor is

A) elastic. B) inelastic. C) perfectly elastic. D) perfectly inelastic.

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If all of a monopolist's costs are fixed costs, it will produce where demand is unit elastic

a. True b. False

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The idea that aggregate price levels do not affect real outcomes in the economy is called the:

A. neutrality of money. B. aggregate price theory. C. neutrality of prices. D. real output theory.

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If the quantity demanded of a good is 100 units and the quantity supplied is 50 units, then the equilibrium quantity will be larger than 100 units

Indicate whether the statement is true or false

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