Suppose the Last Unit of a Factor of Production Employed

question 31

Multiple Choice

Suppose the last unit of a factor of production employed has a marginal product of 12.The factor's price is $8,and the product's competitive market price is $6.This factor's marginal revenue product is

• A)$6.
• B)$36.
• C)$48.
• D)$72.
• E)$96.

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Definitions:

But-For Causation

A principle in tort law that directly relates the injury complained of to the specific action of the defendant, suggesting that but for this action, the injury would not have occurred.

Professional Malpractice

The failure of a professional to perform their duties to the required standard of care, resulting in harm to a client or patient.

Breach Of Duty

The failure to meet one's obligations or duties under the law, usually referring to professional conduct or public office.

Proximate Cause

A principle that determines whether a defendant's actions are legally considered to cause the plaintiff's injuries or damage.