If a Firm's Marginal Physical Product Is 5, and It

question 229

Multiple Choice

If a firm's marginal physical product is 5, and it sells its product for $60, and a unit of labor costs $200, the firm should

• A)increase the use of labor.
• B)decrease the use of labor.
• C)decrease the price of the product.
• D)reduce output of the product.

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Definitions:

Naturalistic

Pertaining to observing subjects in their natural environments without intervention from the researcher.

Multiple Intelligences

A theory proposed by Howard Gardner, suggesting that intelligence is not a single general ability but consists of multiple intelligences, including linguistic, logical-mathematical, musical, bodily-kinesthetic, spatial, interpersonal, and intrapersonal intelligences.

Howard Gardner

An American developmental psychologist best known for his theory of multiple intelligences, proposing that people have different kinds of intelligences rather than a single general intelligence.

Latent Learning

Learning that occurs without any obvious reinforcement of the behavior or associations that are learned.