If the Marginal Product of the Second Worker Hired by a Firm

question 93

Multiple Choice

If the marginal product of the second worker hired by a firm is 14 units and the price of a unit of output is $7 regardless of the quantity of output sold, then the marginal revenue product of the second worker is

• A)$98
• B)$14
• C)$7
• D)$2
• E)$21

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Definitions:

Formal Role

A defined position or function within a structure or system, often with specific responsibilities and authority.

Caregiver

A caregiver is an individual who provides care for someone who is unable to look after themselves due to disability, illness, or aging, taking on responsibilities that may include physical assistance and emotional support.

Covert Power

Refers to the influence exerted in a hidden or non-obvious manner, often manipulating circumstances or outcomes without overtly showing authority.

Chronic Condition

A long-lasting medical condition that requires ongoing management over a period of years or decades, such as diabetes or heart disease.