Table 18-12 The Table Displays Data for a Small, Competitive, Profit-Maximizing Firm

question 397

Multiple Choice

Table 18-12
The table displays data for a small, competitive, profit-maximizing firm that produces and sells envelopes. The time frame is one week.
-Refer to Table 18-12. If the value of the marginal product of the first worker hired is $938, then how many workers does the firm employ?

• A)2
• B)3
• C)4

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Definitions:

Duty of Performance

The duty of performance is an obligation in a contract that requires a party to fulfill the terms as agreed.

Reasonable Skill

The level of competence that a professional is expected to perform in a specific task, based on common standards in the field.

Legal Liability

The responsibility to bear the consequences under the law, often involving compensation for harm or damage.

Office Equipment

Machines and devices designed for use in an office environment, such as computers, printers, and telephones.