If One Worker Can Pick $30 Worth of Grapes and Two

question 42

Multiple Choice

If one worker can pick $30 worth of grapes and two workers together can pick $70 worth of grapes, the

• A)marginal revenue product of each worker is $35.
• B)marginal revenue product of the first worker is $40.
• C)marginal revenue product of the second worker is $40.
• D)data given are insufficient to determine the marginal revenue product of either worker.

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Definitions:

Pure Competition

A market structure characterized by a large number of small firms, homogenous products, and free entry and exit, leading to minimal profit for the firms.

Wheat Crops

Cultivated plants of the genus Triticum, grown as a cereal grain and a staple food commodity worldwide.

Pricing Strategy

The method a business uses to price its products or services, taking into account factors like cost, competition, demand, and value to the customer.

Pure Monopoly

A market structure where a single company or entity has exclusive control over the production and sale of a particular product or service.