Figure 1 Labour (Number of Workers) -Refer to Figure 1

question 6

Multiple Choice

Figure 1 Labour (number of workers)

$\begin{array}{cccc} \text { Labour (number of } & \text { Output } & \text { Marginal Product } & \text { Value of MPL } \\ \text { workers) } & \text {per hour } & \text { of Labour (MPL) } \\\hline0 & 0 \\ 1 & 5 \\ 2 & 9 \\ 3 & 12 \\ 4 & 14 \\ 5 & 15\end{array}$
-Refer to Figure 1. What is the marginal product of labour as the firm moves from using three workers to using four workers?

• A) 0
• B) 2
• C) 8
• D) 12
• E) 14

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Definitions:

Total Allowable Catch (TAC)

A fishery management tool that sets a limit on the amount of a fish species that can be caught over a specified period to ensure sustainability.

Individual Transferable Quota (ITQ)

A system that allocates a certain amount of catch or production rights to individuals who can then trade these rights among themselves.

Property Rights

The legal rights to possess, use, and dispose of assets, including the right to exclude others from using them.

Forestry Companies

Businesses involved in the cultivation, maintenance, conservation, and study of forests, woodlands, and related resources.