Suppose Two Workers Can Harvest $46 Worth of Apples Per

question 136

Multiple Choice

Suppose two workers can harvest $46 worth of apples per day and three workers can harvest $60 worth. On the basis of this information, we can say that the

• A)marginal product of each of the first two workers is 23.
• B)marginal revenue product of each of the first two workers is $23.
• C)marginal revenue product of the third worker is $14.
• D)third worker should not be hired.

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Definitions:

Homogeneous Product

A good or service that is considered identical or uniform across different sellers, making it difficult to distinguish based on attributes other than price.

Gasoline

A volatile, flammable liquid derived from petroleum, primarily used as fuel in internal combustion engines.

Copper

A reddish-brown metal that is highly conductive to electricity and heat, extensively used in electrical wiring and plumbing.

Perfectly Competitive Market

Market with many buyers and sellers, so that no single buyer or seller has a significant impact on price.