Assume the total product of two workers is 130 and the total product of three workers is 150. The average product of three workers is ________, and the marginal product of the third worker is ________.
A. 40; 10
B. 120; 100
C. 13.33; 6.67
D. 50; 20
Answer: D
You might also like to view...
The most important determinant of a household's consumption spending is:
a. its disposable income b. the in-kind transfers received by the household. c. the level of education of the members of the household. d. the interest rate. e. the ratio of wage to non-wage income of the household.
An effective craft union acts as a monopoly
a. demander of labor. b. seller of labor. c. demander of capital. d. seller of capital.
A decrease in the price of a complement will shift the demand curve for a good to the left
a. True b. False Indicate whether the statement is true or false
The theory of consumer choice
a. underlies the concept of the demand for a particular good. b. underlies the concept of the supply of a particular good. c. ignores, for the sake of simplicity, the trade-offs that consumers face. d. can be applied to many questions about household decisions, but it cannot be applied to questions concerning wages and labor supply.