If the Marginal Product of a Worker for a Hearing

question 50

Multiple Choice

If the marginal product of a worker for a hearing aid manufacturer is 6 hearing aids, and the price of a hearing aid is $300, the firmʹs marginal revenue product is

• A) $50.
• B) $300.
• C) $1,800.
• D) $18,000.

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Definitions:

Price Increases

Price increases refer to the rise in the cost of goods and services, often resulting from factors like inflation, increased demand, or higher production costs.

Competitive

Relates to a market situation where various sellers vie to attract buyers by offering better conditions, prices, or qualities of goods and services.

Many Buyers

A market condition where numerous consumers are present, contributing to competition and demand for products.

Many Sellers

A characteristic of competitive markets where there are numerous suppliers offering similar or identical products, enhancing consumer choice.