Assume the total product of three workers is 120 and the total product of four workers is 160. The average product of four workers is ________, and the marginal product of the fourth worker is ________.
A. 10; 40
B. 30; 10
C. 160; 40
D. 40; 40
Answer: D
You might also like to view...
Suppose that in a free market, 2,000 patients purchase an operation to receive an artificial heart at a price of $500,000 per operation. Without the heart, each patient will die. The government decides this price is too high and imposes a maximum price of $200,000. Everything else equal,
A. more patients will now die. B. fewer patients will now die. C. more patients will now die only if the demand curve is vertical. D. more patients will now die only if the demand curve is horizontal.
Seventy percent of Austin's chess club wanted to purchase new chess sets and thirty percent did not. The club purchased the sets. Which method of allocation best describes the choice to purchase the sets?
A) force B) sharing equally C) command D) majority rule E) lottery
Refer to the above figure. Which panel represents the long-run situation for a monopolistically competitive firm?
A) Panel A B) Panel B C) Panel C D) Panel D
When does a shortage occur?
a. When price is less than equilibrium price. b. When goods are scarce. c. When quantity demanded is less than quantity supplied. d. When quantity demanded exceeds quantity supplied at the equilibrium price. e. When some of the people who need the product are not willing and able to buy it at the equilibrium price.