Given the Table for a Competitive Firm That Is Maximizing

question 119

Multiple Choice

Given the table for a competitive firm that is maximizing profits, if the marginal revenue product of the last worker hired is $150 and three workers are employed per day, the price of a unit of output must be

• A)1,000.
• B)100.
• C)20.
• D)10.

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Definitions:

Government Economic Policy

The strategies and measures employed by a government to manage its economy, including taxation, spending, and interest rate settings.

Keynesian Approach

A macroeconomic theory that emphasizes the role of government intervention in stabilizing the economy and managing aggregate demand.

Great Depression

A severe worldwide economic downturn that took place during the 1930s, characterized by widespread unemployment, deflation, and a significant decline in economic activity across the globe.

Unemployment

The situation where individuals who are capable of working and are actively seeking work are unable to find employment.