Total Product, Marginal Product, Average Product

question 478

Multiple Choice

Total Product, Marginal Product, Average Product

-In the above table, the marginal product is greatest when the

• A) first worker is hired.
• B) second worker is hired.
• C) third worker is hired.
• D) fourth worker is hired.

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Definitions:

Proprietor Form

A business structure owned by a single individual, where the owner and the business are legally the same entity.

Double Taxation

The imposition of taxes on the same income, asset, or financial transaction at two different levels of government, often seen in the taxation of corporate profits and then again when dividends are paid to shareholders.

Limited Liability

An advantage of the corporate form. Stockholder liability for the actions of a company is limited to the value of the stock. That is, a suit against the corporation cannot be made against a stockholder simply because the stockholder is an owner.

Proprietorships

A type of business entity that is owned and operated by a single individual, without any legal distinction between the owner and the business.