A Firm's Labor Input, Total Output of Labor, and Product

question 120

Multiple Choice

A firm's labor input, total output of labor, and product price schedules are given in the table. Labor is the only variable input. What is the marginal revenue product of the fifth worker?

• A)$5
• B)$25
• C)$-7
• D)$1

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Definitions:

Laboratory Science

The field of science that focuses on experiments and analyses conducted in controlled environments, such as labs, to understand natural phenomena or develop new technologies.

Physics

The natural science that studies matter, its motion and behavior through space and time, and the related entities of energy and force.

Zoology

Zoology is the branch of biology that studies animals, their physiology, structure, genetics, behavior, classification, and distribution.

Sociology

The study of social behavior, organization, and patterns of human interaction within societal contexts.