During the Summer Jeremy, a Small Business Owner, Can Hire

question 63

Multiple Choice

During the summer Jeremy, a small business owner, can hire extra staff to help him repair boats.On his own Jeremy can repair 10 boats a day, adding a second staff member sees 15 boats a day repaired, and adding a third sees 18 boats a day repaired.The marginal product of the third worker is:

• A)18 boats/day
• B)15 boats/day
• C)5 boats/day
• D)3 boats/day

Recognize the importance of decision-making innovations in the workplace since the 1970s.

Understand the concept and characteristics of internal labor markets and their protection for senior personnel.

Comprehend the role of seniority rules within organizations.

Recognize how markets can create inequalities through the commodification of goods or services.

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Definitions:

Negatively Correlated

Refers to two variables which move in opposite directions; when one variable increases, the other decreases, and vice versa.

Variables

Elements, features, or factors that are likely to vary or change and can be measured, controlled, or manipulated in experiments or models.

Opposite Directions

Refers to two lines or paths that diverge from each other, heading in completely different trajectories.

Positive Correlation

A relationship between two variables where if one variable increases, the other one also increases or if one decreases, the other also decreases.