Use the Following to Answer Questions

question 289

Multiple Choice

Use the following to answer questions:
-(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. Assume that the market for power cords is perfectly competitive. If the price of a power cord is $2, the value of the marginal product for the third worker is:

• A) $2.
• B) $10.
• C) $60.
• D) $80.

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Definitions:

White People

Individuals belonging to racial groups characterized by lighter skin tones, often associated with European descent.

Republican Party

A major political party in the United States, founded in 1854, that traditionally supports conservative and pro-business policies.

1790s

A decade marked by significant political and social change around the world, including the French Revolution and the early years of the United States under its new constitution.

Alexander Hamilton

A Founding Father of the United States, first Secretary of the Treasury, and key author of the Federalist Papers.