The Table Below Shows the Total Production for Varying Numbers

question 7

Multiple Choice

The table below shows the total production for varying numbers of hours worked producing yo-yos.The firm sells its product and hires its workers in competitive markets.
TABLE 13-4
-Refer to Table 13-4.A profit-maximizing firm will continue to hire labour to produce yo-yos until they have equated

• A)the price of yo-yos and the wage rate per hour.
• B)the marginal product of an additional hour of labour and the price of the yo-yos.
• C)the wage rate per hour and the value of the yo-yos produced by hiring one additional hour of labour.
• D)the marginal revenue product of an additional hour of labour and the price of yo-yos.
• E)the wage rate per hour and the marginal product of labour.

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Definitions:

Implied Partnership

A partnership arrangement that is not formally expressed but is inferred from the conduct, relationship, and actions of those involved, indicating a mutual business operation.

Court Liability

The potential obligation or requirement for a party to respond to or remedy a situation as determined by a court decision.

Alleged Partner

is a term used to describe someone who is claimed or said to be a partner in a business or venture, often without formal proof.

Ownership of Property

The legal right or title to possess, use, and control an asset or property.