Refer to the Table Shown If the Price Per Unit of Product Is $2 and c

question 120

Multiple Choice

Refer to the table shown. $$\begin{array}{l}\begin{array} { | c | c | } \hline\text { Number wf Warkers } & \text { Tatal Praduct per Hour }\\\hline 1 & 24 \\\hline 2 & 44 \\\hline 3 & 60 \\\hline 4 & 74 \\\hline 5 & 84 \\\hline 6 & 90 \\\hline 7 & 92 \\\hline\end{array}\end{array}$$ If the price per unit of product is $2 and the wage rate is $25, a profit-maximizing firm operating in competitive markets would hire:

• A) three workers.
• B) four workers.
• C) five workers.
• D) six workers.

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Definitions:

Consignee

The party or entity that receives goods for sale, storage, or transfer but does not take ownership of those goods until they are sold.

LIFO Inventory Method

"Last-In, First-Out" is an accounting method for valuing inventory where the most recently produced items are recorded as sold first.

Physical Inventory

The process of counting all physical merchandise or stock in a business at a specific time to verify the quantities on hand.

Consignment

A process where goods are sent by their owner to an agent for the purpose of sale, storage, or shipment.