(Table: Short-Run Production Function I) the Table Shows the Short-Run

question 37

Multiple Choice

(Table: Short-run Production Function I) The table shows the short-run production function for a competitive firm. Assuming the firm sells its output for $20 per unit, the marginal revenue product of labor for the third worker is ____.

• A) 600
• B) 480
• C) 370
• D) 320

Comprehend the role of supply and demand in determining market equilibrium and the effects of shifts in demand.

Analyze the economic rationale behind operational decisions, such as opening hours and seasonal adjustments.

Understand the key characteristics of a competitive market.

Analyze the dynamics of profits and losses in a competitive market, including long-run adjustments.

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Definitions:

Longitudinal

A research design in which the same subjects are observed or tested repeatedly over a period of time.

Cross-Sectional

A type of study or analysis that examines data from a population at a single point in time.

Property

Assets or items owned by an individual or entity, encompassing both physical objects and intellectual rights.

Servants

Individuals employed to perform domestic duties for others, typically within a household, including tasks related to cleaning, cooking, and personal assistance.