Refer to Table 21.3 below:Table 21.3Units of LaborUnits of OutputMPP00 1 30266 3 304116 What is the unit labor cost in Table 21.3 for the second unit of labor if the MPP represents daily output and the wage rate is $72 per day?

A. $36.00 per unit of output.
B. $72.00 per unit of output.
C. $2.00 per unit of output.
D. $0.50 per unit of output.


Answer: C

Economics

You might also like to view...

If the Fed buys bonds from a private bank, ________

A) the Fed's total liabilities will remain unaffected B) the Fed's total assets will remain unaffected C) the private bank's composition of assets will change D) the private bank's total assets will increase

Economics

A consumer is said to be indifferent between two consumption bundles

A) when the consumer doesn't care about his or her consumption bundle. B) when the two bundles provide equal amounts of utility. C) when the consumer chooses the bundles equally often. D) when the consumer is indecisive.

Economics

Who once said that taxes are the price we pay for a civilized society?

a. Aristotle b. George Washington c. Oliver Wendell Holmes, Jr. d. Ronald Reagan

Economics

Economists usually assume that labor is _______ input in the _______ run.

A) a fixed; short B) a fixed; long C) a variable; short D) part fixed and part variable; long

Economics