Assume Labor Is the Only Variable Input and That an Additional

question 337

Multiple Choice

Assume labor is the only variable input and that an additional input of labor increases total output from 72 to 80 units. If the product sells for $6 per unit in a purely competitive market, the MRP of this additional worker is

• A)$6.
• B)$8.
• C)$48.
• D)$80.

---

Definitions:

Witness Signature

A signature by an uninvolved party on a document, acknowledging they observed the signing process and verifying its authenticity.

Notary Public

A public officer authorized to witness the signing of important documents, administer oaths, and perform other administrative functions.

High School Teacher

An educator who instructs students in grades 9 through 12 in a variety of academic subjects.

University Professor

An academic title for a higher-level educator and researcher at a college or university, typically involved in teaching and scholarship.