Given the table below, how much does the 13th worker add to total output? 
A. 29 units
B. 28 units
C. 420 units
D. 130 units
E. none of the above
Answer: E
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A consequence of adverse selection for the insurance market is that:
A. risk-seeking individuals typically pay higher premiums than risk-averse individuals. B. everyone ends up paying lower premiums. C. everyone ends up paying higher premiums. D. risk-averse individuals typically pay higher premiums than risk-seekers.
Which is the most accurate statement?
A. Workfare has been a great success in moving millions of people off the welfare rolls into minimum wage jobs. B. Most people on welfare are now limited to receiving benefits for no more than 5 years during their entire adult lives. C. The Personal Responsibility and Work Opportunity Act of 1996 provides jobs or training for every adult who desires to leave welfare. D. Until the passage of welfare legislation in 1996, the welfare rolls had been rising for the previous 6 years.
If the slope of the indifference curve is steeper than the slope of the budget line, and X is on the horizontal axis:
A. the consumer is willing to give up more of good Y to get an additional unit of good X than is necessary under the current market prices. B. the consumer is willing to give up more of good X to get an additional unit of good Y than is necessary under the current market prices. C. MRS < ?PX/PY. D. MRS < PX/PY.
The summation of all individual firm marginal cost curves above the minimum of the average variable cost curve:
A. is the market shut-down point. B. is the market demand curve. C. is the market marginal revenue curve. D. is the market supply curve.