Figure 18-1 on the Graph, L Represents the Quantity of Labor and Labor

question 466

Multiple Choice

Figure 18-1
On the graph, L represents the quantity of labor and Q represents the quantity of output per week.
-Refer to Figure 18-1. Suppose the firm sells its output for $12 per unit, and it pays each of its workers $700 per week. The value of the marginal product of the fifth worker is

• A)$540
• B)$700
• C)$720
• D)$1,080

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Definitions:

Common Schools

Tax-supported state schools of the early nineteenth century open to all children.

Nineteenth Century

The period from January 1, 1801, to December 31, 1900, marked by significant industrial, cultural, and political developments worldwide.

Antebellum Era

A period in the southern United States before the Civil War, marked by the expansion of slavery and significant socio-economic growth and development.

Poorhouses

Institutional facilities established in the 19th and early 20th centuries to house and support the indigent and poor.