The Marginal Physical Product of the Third Unit of Labor

question 114

Multiple Choice

The marginal physical product of the third unit of labor in Figure 21.1 is

• A)40.0 units per day.
• B)12.0 units per day.
• C)13.3 units per day.
• D)4.0 units per day.

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Definitions:

Barter

A system of exchange where goods or services are traded directly for other goods and services without the use of money.

Commodity Money

Commodity Money is a type of currency in which the value comes from a commodity of which it is made, such as gold or silver coins.

Largely Self-Sufficient

Describes an entity or community that can fulfill nearly all of its needs without external assistance.

Before Specialization

Refers to the economic state or condition prior to the allocation of resources towards the production of specific goods or services in which they have a comparative advantage.