Figure 18-5 The Figure Shows a Particular Profit-Maximizing, Competitive Firm's Value-Of-Marginal-Product (VMP)

question 90

Multiple Choice

Figure 18-5
The figure shows a particular profit-maximizing, competitive firm's value-of-marginal-product (VMP) curve. On the horizontal axis, L represents the number of workers. The time frame is daily.
-Refer to Figure 18-5. Suppose the marginal product of the fifth unit of labor is 30 units of output per day. The figure implies that the

• A)price of output is $4.
• B)price of output is $6.
• C)price of output is $8.
• D)daily wage is $120.

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Definitions:

Minority Racial/Ethnic Groups

Ethnically, culturally, or racially distinct groups that make up a smaller percentage of the population compared to the majority group.

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An unhealthy preoccupation with extreme dieting and weight loss, often to the detriment of one's physical and mental health.