The above table depicts output from a firm that manufactures computers. The computers sell for $1,000 each. What is the marginal revenue product (MRP) for the fourteenth worker per week?
A. 80 units
B. $70,000
C. $60,000
D. 90 units
Answer: C
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A) is inappropriate since ultimately everyone is a consumer. B) is valid only when the same person could be either a consumer or a producer. C) treats the gains to consumers and producers equally. D) is not commonly accepted.
The song "Happy Birthday" is likely protected
A) as a trade secret. B) with a patent. C) under copyright law. D) in a trust.
At the profit-maximizing quantity of output for a monopolist, average revenue, marginal revenue, and price are all equal
a. True b. False Indicate whether the statement is true or false
The use of hospitals today is dominated by
A. immigrants. B. obstetrical care. C. the wealthy. D. the elderly.