Refer to the Table Shown The Marginal Physical Product of the Sixth Worker Is ________

question 115

Multiple Choice

Refer to the table shown. $$\begin{array} { | c | c | } \hline\text { Number wf Warkers } & \text { Tatal Praduct per Huur }\\\hline 1 & 24 \\\hline 2 & 44 \\\hline 3 & 60 \\\hline 4 & 74 \\\hline 5 & 84 \\\hline 6 & 90 \\\hline 7 & 92 \\\hline\end{array}$$ The marginal physical product of the sixth worker is ________, and the average product of six workers is ________.

• A)15; 6
• B)6; 15
• C)13; 2
• D)2; 13

---

Definitions:

Market Competition

The rivalry among businesses to attract customers and achieve higher sales, profits, and market share.

Cournot Model

An economic model that describes an industry structure in which companies compete on the quantity of output they will produce, assuming that each firm's output decision affects the market price.

Perfectly Competitive

A market structure characterized by a large number of small firms, a homogenous product, and free entry and exit, leading to price taking behavior.

Price-leadership Model

An economic concept where one or more dominant firms set their prices, and other, smaller firms in the industry then follow by setting the same or similar prices.