Assume That the Product Price Is $4 Per Unit and That

question 67

Multiple Choice

Assume that the product price is $4 per unit and that the hourly wage for workers is $12. Neither price nor wage changes with output. In Table 30.3, the marginal revenue product of the second worker hired is

• A) $4 per hour.
• B) $6 per hour.
• C) $24 per hour.
• D) $40 per hour.

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Definitions:

Placebo

A substance with no therapeutic effect, often used as a control in testing new drugs.

Participants' Expectations

The beliefs or assumptions held by individuals participating in a study or activity about what will happen, which can influence their behavior and the outcomes.

Experiments

A method of scientific investigation involving the manipulation of variables to test a hypothesis and observe the effects, often used to establish cause-and-effect relationships.

Representative

Someone or something that serves as a typical example of a group, class, or quality.