The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2.00 per pound. What is the marginal product from employing the fourth worker?
A) 7 pounds of peanuts
B) 100 pounds of peanuts
C) 400 pounds of peanuts
D) 2,800 pounds of peanuts
C
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First-price auctions have all the following properties EXCEPT
a. Highest bid wins b. Highest bidder pays her winning bid c. The good is assigned to the second-highest bidder d. The price is set to the highest bid
Which of the following can eliminate a recessionary GDP gap, ceteris paribus?
A. An increase in saving. B. A decrease in government spending. C. An increase in consumption expenditure. D. A decrease in investment.
The direct relationship between changes in price and changes in quantity supplied is
A. a change in supply. B. the law of supply. C. shown by a shift in the supply curve. D. the law of relative production.
The residual supply curve is the ________ the market ________ that is ________ by other demanders at any given price
A) supply; consumes; also consumed. B) quantity; supplies; consumed. C) quantity; supplies; not consumed. D) quantity; demands; consumed.