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

question 69

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 30.1, 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:

Complete Set

An all-inclusive collection of items that together form a whole or are required to complete a task.

Products and Services

The items and assistance a business offers to meet the needs and desires of consumers.

Voluntary Marketing Exchange

Transactions where both the buyer and seller willingly engage in the trade of goods or services, each expecting to benefit from the exchange.

Product

Any item or service offered by a firm that meets a need or desire of consumers.