(Figure: Marginal Productivity of Apple Pickers I) Assume That the Marginal

question 7

Multiple Choice

(Figure: Marginal Productivity of Apple Pickers I) Assume that the marginal productivity of apple pickers has increased. Which graph best illustrates this change?

• A) (a)
• B) (b)
• C) (c)
• D) (d)

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Definitions:

Duopolies

A market structure where two companies own all or nearly all of the market for a given type of product or service.

Cartel

An association of manufacturers or suppliers formed to maintain high prices and restrict competition.

Individual Profits

The income that an individual receives from their investment or entrepreneurial activity after deducting all costs.

Collude

To engage in a secret agreement or cooperation, especially with the intention of cheating or deceiving others.