If the Marginal Product of a Worker for a Calculator

question 2

Multiple Choice

If the marginal product of a worker for a calculator manufacturer is 10 calculators, and the price of a calculator is $10, the firm's marginal revenue product is

• A) $1.00.
• B) $10.00.
• C) $100.00.
• D) $1,000.00.

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Definitions:

Demand Curve

A graph that illustrates the relationship between the price of a good or service and the amount of it that consumers are willing and able to purchase at various prices, typically downward sloping.

Steak And Potatoes

Often used metaphorically to denote basic, but solid and satisfying elements or aspects of something.

Complements

Goods or services that are used together, where the increase in demand for one leads to an increase in demand for the other.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers, holding all other factors constant.