A Farmer Who Has Fixed Amounts of Land and Capital

question 60

Multiple Choice

A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal product of the second worker is

• A)32
• B)1
• C)5
• D)8

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Definitions:

Multiple-Choice Exam

A form of assessment where individuals select the correct answer(s) from several choices provided for each question, used to evaluate knowledge on a topic.

Rule

A prescribed guide for conduct or action, which can be established by an authority or developed within a particular system or community.

Functional Fixedness

A cognitive bias limiting a person's ability to use an object only in the way it is traditionally used, hindering creativity and problem-solving.

Familiar Object

An item that is readily recognized by an individual due to previous exposure or significance, evoking a sense of comfort or nostalgia.