Refer to the table below. With the addition of the second unit of input, the marginal product is:
The question is based on the following table that provides information on the production of a product that requires one variable input.
A. 15 and the average product is 20
B. 25 and the average product is 10
C. 15 and the average product is 10
D. 10 and the average product is 15
C. 15 and the average product is 10
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In a marketplace, the rental price of apartments is determined by:
A) negotiations between landlords and regulators. B) negotiations between renters and regulators. C) negotiations between renters and landlords. D) negotiations between politicians and regulators.
The marginal cost curves slope upward because of the principle of
A) decreasing marginal benefits. B) increasing marginal cost. C) increasing marginal benefits. D) decreasing marginal cost. E) decreasing total benefit.
Suppose that the price elasticity of supply for oil is 0.1. Then, if the price of oil rises by 20 percent, the quantity of oil supplied will increase
A) by 200 percent. B) by 20 percent. C) by 2 percent. D) by 0.2 percent.
Money is:
A. fungible, meaning it is easily exchangeable or substitutable. B. not fungible, meaning it can be easily exchanged or substituted. C. an alternative to implicit costs. D. a proven cognitive bias.