Assume That the Only Variable Resource Used to Produce Output

question 267

Multiple Choice

Assume that the only variable resource used to produce output is labor. Refer to the provided table. When the firm hires four units of labor, the average product of labor is

• A)5 units of output.
• B)7.50 units of output.
• C)8.50 units of output.
• D)30 units of output.

---

Definitions:

UCC

The Uniform Commercial Code is a collection of legal guidelines that regulate business dealings across the United States.

Creditor

An individual or entity that is owed money or other forms of assets by a debtor.

Field Warehouse

A secured area within a business's premises that is operated by an independent warehousing company for storing pledged goods under a field warehousing agreement.

Financing Inventory

The practice of using borrowed funds or other financial strategies to purchase goods intended for sale.