(Table: Value of the Marginal Product of Labor and Demand)

question 150

Multiple Choice

(Table: Value of the Marginal Product of Labor and Demand) In the figure Value of the Marginal Product of Labor and Demand, the total product of labor is shown for the hourly production of power cords.The price of a power cord is $2, the market wage rate is $40 per hour, and four workers are hired.Profit can be maximized by hiring worker(s) .

• A)one more
• B)two more
• C)one fewer
• D)two fewer

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Definitions:

Entrepreneur

An individual who creates new business ventures, taking on financial risks in the hope of profit.

Economic Losses

Financial losses incurred by businesses or economies, often as a result of adverse conditions, decisions, or events that affect income or assets.

Land Resource

Natural resources encompassing the geographical area and the minerals, water, and fertility it possesses.

Natural Gas

A fossil fuel formed from plants and animals buried underground and exposed to extreme heat and pressure over millions of years, used as energy.