A Firm Produces 4,000 Units of Output Using 500 Workers

question 78

Multiple Choice

A firm produces 4,000 units of output using 500 workers.Marginal cost is $10,the wage rate is $160,and total fixed cost is $100,000.What is the marginal product of labor?

• A)$8 per worker
• B)8 units of output per worker
• C)$16 per worker
• D)16 units of output per worker
• E)none of the above

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Definitions:

Supply

The total amount of a product or service available for purchase at any given price.

Price Of Oil

The cost at which crude oil is bought and sold, influenced by global supply and demand, geopolitical issues, and economic conditions.

Supply Curve

A graph that illustrates the relationship between the price of a good or service and the amount of it that producers are willing to supply at each price level.

Orange Market

A specific sector for trading or selling oranges, which can serve as a proxy for understanding supply and demand dynamics in agricultural markets.