Consider the Following Table for a Firm

question 19

Multiple Choice

Consider the following table for a firm.The first column shows the number of units of a variable factor of production employed by the firm.
TABLE 13-2
-Refer to Table 13-2.Suppose this firm is a perfect competitor and faces a given price of the product equal to $10 per unit.The marginal revenue product of the 3rd unit of the factor is

• A)$30.
• B)$100.
• C)$110.
• D)$1000.
• E)$1100.

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Definitions:

Consulting Business

A professional service firm that provides expert advice to other businesses or individuals in a specific field.

Ownership Structure

Ownership structure refers to the way in which the ownership of a company is divided among its shareholders, including the distribution of shares and voting rights.

Ownership Percentage

The share or portion of ownership an individual or entity holds in an asset or business, usually represented as a percentage.

Raw Materials

Unfinished goods or materials consumed in the manufacturing process to create a final product.