The Following Table Shows the Total Output Produced in a Factory

question 6

Multiple Choice

The following table shows the total output produced in a factory at various levels of employment of labor.The firm sells each unit of output at $2 and each worker is paid a wage of $32.
Table 5-1

-Refer to Table 5-1.Diminishing returns to labor occurs beyond _____ workers.

• A)4
• B)3
• C)5
• D)9

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Definitions:

Dominant Strategy

In game theory, a strategy that is best for a player in a game regardless of the strategies chosen by the other players.

Game Trees

A graphical representation used to depict the outcomes of a game or decision-making process, showing different choices and their possible outcomes.

Sequential Games

are strategic interactions where the players make decisions one after another, with later players having knowledge of the earlier actions.

Nash Equilibrium

A concept in game theory where each player's strategy is optimal, given the strategies of other players, resulting in a situation where no player has an incentive to deviate from their chosen strategy.