Suppose two workers can harvest $46 and three workers can harvest $60 worth of apples per day. On the basis of this information we can say that the
A. marginal revenue product of the third worker is $14.
B. marginal product of each of the first two workers is 23.
C. marginal revenue product of each of the first two workers is $23.
D. third worker should not be hired.
Answer: A
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Suppose the table below describes the relationship between price and quantity demanded for a monopolist.QuantityPrice1$102$93$84$75$66$57$48$3 The marginal revenue of the third unit of output is:
A. $24. B. -$1. C. $8. D. $6.
When all other influences on work plans remain the same, the
A) lower the real wage rate, the smaller the quantity of labor supplied. B) higher the real wage rate, the greater the quantity of labor demanded. C) lower the real wage rate, the greater the quantity of labor supplied. D) lower the real wage rate, the smaller the quantity of labor demanded. E) lower the real wage rate, the larger the labor force participation.
An increase in a family’s income will cause its budget line to
A. become steeper. B. become flatter (less steep). C. move closer to the origin. D. move away from the origin. E. become more convex toward the origin.
Employer provided health care limits the moral hazard problem to a large degree
a. True b. False