Table 18-8 Harold and Maude Own a Dance Studio Where They and They

question 12

Multiple Choice

Table 18-8
Harold and Maude own a dance studio where they and their employees teach ballroom dancing. Their company is a competitive, profit-maximizing firm. Harold and Maude's production function is detailed in the table below.
-Refer to Table 18-8. What is the marginal product of the fourth worker?

• A)250 students
• B)62.5 students
• C)50 students
• D)30 students

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Definitions:

Rewards

Benefits or compensation offered or received as recognition for accomplishments, service, or behavior that meets desired criteria.

Powerful Individuals

Persons who hold significant influence or authority over others in a societal context, shaping decisions, norms, and values.

Ethics Issues

Problems or situations that require individuals or organizations to choose between actions that must be evaluated as right or wrong, often involving moral dilemmas.

Milgram's Study

A series of psychological experiments conducted by Stanley Milgram, which aimed to measure the willingness of participants to obey an authority figure who instructed them to perform acts conflicting with their personal conscience.