Refer to the Following:
the Table Below Shows a Competitive $\begin{array}{ll} \text {Units of Labor }& \text {Units of Output }\\3 & 370 \\4 & 490 \\5 & 570 \\6 & 600 \\7 & 620\end{array}$

question 87

Multiple Choice

Refer to the following:
The table below shows a competitive firm's short-run production function. Labor is the firm's only variable input, and market price for the firm's product is $2 per unit.
$\begin{array}{ll} \text {Units of Labor }& \text {Units of Output }\\3 & 370 \\4 & 490 \\5 & 570 \\6 & 600 \\7 & 620\end{array}$
-How much does the fifth unit of labor add to the firm's total revenue?

• A) $160
• B) $80
• C) $60
• D) $40
• E) $10

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Definitions:

Increasing

Refers to a situation where there is a rise in the quantity or quality of a particular economic variable or indicators.

Wealth Holders

Individuals or entities that possess assets of significant value, such as stocks, bonds, real estate, and cash.

Percentage Points

A unit for the arithmetic difference between two percentages, useful in indicating changes in rates, such as interest rates or rates of return.

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