When a Perfectly Competitive Firm (That Sells Its Good for $20

question 33

Multiple Choice

When a perfectly competitive firm (that sells its good for $20 per unit) hires 1 unit of factor X it produces 70 units of output and when it hires 2 units of factor X it produces 85 units of output. Marginal revenue product of the second unit of factor X is equal to

• A)$30.
• B)$530.
• C)$265.
• D)$300.
• E)none of the above

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Definitions:

Medieval Europe

A historical period in Europe lasting from the 5th to the late 15th century, characterized by feudalism, the manorial system, and the dominance of the Catholic Church.

Christian Monopoly

The dominance of Christian institutions and beliefs in a society to the exclusion or marginalization of other religions.

Spiritual Life

An aspect of personal existence focused on the intentional search for or development of inner peace, ethical values, and a deeper understanding of life.

Civil Religion

A set of sacred beliefs shared by a nation's populace that integrates religious and national identities.