-The Preceding Table Gives Monthly Production Information for Peter's Peanuts

question 298

Multiple Choice

-The preceding table gives monthly production information for Peter's Peanuts, a firm in a perfectly competitive industry. The market price of peanuts is $2.00 per pound. What is the value of marginal product from employing the third worker?

• A) $800
• B) $1,200
• C) $2,000
• D) $4,800

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Definitions:

Nobles of the Robe

French nobility who gained their titles by serving in the judicial or administrative branches, as opposed to inheriting them.

Inherited Titles

Titles of nobility or honor passed down through generations within families, often associated with specific duties, privileges, or estates.

Bought Titles

The practice of purchasing noble titles, historically common in some societies, allowing individuals to gain nobility status through financial means.

Despotic Practice

Actions or policies of a ruler or government exhibiting absolute power and often cruel, oppressive, or tyrannical control over its subjects.