At the Larson Bakery the marginal products of the first, second, and third sales clerks are 20, 17, and 11 customers served, respectively. The total product (number of customers served) of the three sales clerks is
A. 11.
B. 40.
C. 46.
D. 48.
Answer: D
You might also like to view...
Suppose that each of 10,000 perfectly competitive firm in an industry produces 1,000 units of a good and earns an economic profit when the price of the good is $10. In the long run, definitely
A) each firm increases its production above 1,000 units. B) the number of firms is more than 10,000. C) consumer surplus decreases. D) producer surplus increases. E) the number of firms is less than 10,000.
Which of the following is the best example of substitutes?
a. coffee and cream b. videotapes and VCRs c. money and biscuits d. tortillas and salsa e. hiking boots and athletic shoes
Real GDP measures:
A. current output at current prices. B. current output at base year prices. C. base year output at current prices. D. base year output at current exchange rates.
Which of the following is an example of an activity undertaken by an entrepreneur?
A) choosing the color scheme for your renovated kitchen B) being promoted to the position of Chief of Police C) being appointed to the U.S. Supreme Court D) starting a snow cone business