-Using the Data in the Above Table, If the Firm

question 319

Multiple Choice

-Using the data in the above table, if the firm employs 5 workers, total product (measured in units per day) and average product and marginal product of the fifth worker (measured in units per worker) are

• A) 23, 5.00, and 4 respectively.
• B) 23, 5.75, and 4 respectively.
• C) 25, 5.00, and 2 respectively.
• D) 25, 5.75, and 4 respectively.

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Definitions:

Incentives

Motivations or stimuli that influence the behavior of individuals or organizations, often aimed at achieving certain outcomes or goals.

Private Ownership

The possession of property by individuals or legal entities other than the government.

Clearly Defined

Specifically and unambiguously articulated or delineated.

Private Owner

An individual or entity that legally possesses property or a business and has exclusive rights over its use and distribution.