Figure: the Demand for Bricklayers (Figure: the Demand

question 76

Multiple Choice

Figure: The Demand for Bricklayers (Figure: The Demand for Bricklayers) Look at the figure The Demand for Bricklayers.If there is an increase in technology that increases the productivity of bricklayers, then the value of the marginal product of the sixth bricklayer will be ________ than _.

• A)less; $80
• B)greater; $100
• C)less; $110
• D)greater; $110

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Definitions:

Quantity Demanded

The overall quantity of a product or service that buyers are prepared and can afford to buy at a certain price point, during a specific period.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price over a specific time period.

Economic Interaction

Exchanges or transactions between agents in an economy, including individuals, businesses, and governments, that influence the allocation of resources.

Equilibrium Price

The price at which the quantity of a good supplied is equal to the quantity demanded, leading to a stable market condition.