According to the above table, if the price of the good produced is $5 and the wage rate is $400, then the marginal revenue product of the 7th worker is
A) $300.
B) $60.
C) $12.
D) $400.
A
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Refer to Table 4.2. If you choose to invest in Japanese bonds, your investment return from Scenario B will be
A) 3%. B) 4%. C) 6%. D) 8%.
Consider the following three market baskets:
Food Clothing A 15 18 B 13 19 C 14 17 If baskets B and C are on the same indifference curve, and if preferences satisfy all four of the basic assumptions, then: A) A is preferred to C. B) A is preferred to B. C) Both A and B answer choices are correct. D) none of the above
The marginal revenue product of labor is:
a. how much labor can be purchased with the revenue from the sale of one more unit of the good. b. how much does the marginal revenue change when you add more labor. c. the same as the marginal revenue product of capital in equilibrium. d. determined by the wage rate. e. the contribution to total revenue made by the marginal laborer.
Which of the following is likely to yield the greatest consumer surplus?
a. a nugget of gold found in a rushing creek in Alaska b. a gold necklace on sale at 20 percent off original price c. a gold necklace on sale at 40 percent off original price d. a dip in the neighbor's pool, at no charge e. a gulp of water from an oasis in the Sahara desert after three days of thirst