When 4 units of labor are employed, total product is 6 units; when 5 units of labor are employed, total product is 9 units of output. If the price of output is $5 per unit, what is the marginal revenue product of the 5th unit of labor?
A) $3
B) $5
C) $15
D) $45
C
You might also like to view...
Guiseppe Vibrato was so sick of his job that he quit, and now spends his days at the tavern, saying he never wants to work again. Guiseppe is
A) a discouraged worker. B) a discouraged drinker. C) unemployed. D) neither employed nor unemployed.
The limitation that a consumer's total expenditure on goods and services purchased cannot exceed the income available is referred to as
A) maximizing behavior. B) economizing behavior. C) the budget constraint. D) the price constraint.
In the case of pure monopoly:
a. one firm is the sole producer of a good or service which has no close substitutes b. the firm's profit is maximized at the price and output combination where marginal cost equals marginal revenue c. the demand curve is always elastic d. a and b only e. a, b, and c
For a renter, the income effect of an increase in apartment rents will
a. have a greater effect than the income effect of an increase in the price of chewing gum b. have no impact on the demand curve for apartments, because everything except price is assumed constant c. have less of an effect than the income effect of an increase in the price of chewing gum d. be almost negligible, because housing is a necessity e. occur only when income increases