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.

Identify the factors that lead to increases or decreases in market demand.

Comprehend how expectations about future prices affect current demand.

Understand the law of supply and its effect on production levels as prices change.

Comprehend the law of demand and its manifestation through the inverse relationship between price and quantity demanded.

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