Let L Represent the Number of Workers Hired by a Firm,and

question 154

Multiple Choice

Let L represent the number of workers hired by a firm,and let Q represent that firm's quantity of output.Assume two points on the firm's production function are (L = 12,Q = 122) and (L = 13,Q = 132) .Then the marginal product of the 13th worker is

• A) 8 units of output.
• B) 10 units of output.
• C) 122 units of output.
• D) 132 units of output.

---

Definitions:

Price Level

A general average of the ongoing prices for goods and services within the economic sector.

Foreign-Currency Exchange

The process by which individuals and entities convert currency from one country's currency into another, understanding the dynamic exchange rates between currencies.

Fed

The Federal Reserve System, which is the central bank of the United States, responsible for monetary policy and financial oversight.

Money Supply

The total amount of monetary assets available in an economy at a specific time, including cash and deposits.