A Competitive Firm Sells Its Output for $30 Per Unit

question 208

Multiple Choice

A competitive firm sells its output for $30 per unit.The marginal product of the 10th worker is 20 units of output per day; the marginal product of the 11th worker is 16 units of output per day.The firm pays its workers a wage of $150 per day.For the 11th worker,the value of the marginal product of labor is

• A) $120.
• B) $480.
• C) $600.
• D) $2,400.

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Definitions:

Leader-Member Exchange Theory

A theory focusing on the two-way relationship (dyadic relationships) between leaders and followers, emphasizing the mutual benefits derived from high-quality exchanges.

Material Benefits

Tangible rewards or advantages gained from being a member of a social group or society.

Decision-Making Strategy

A methodological approach to choosing among different options or actions based on specific criteria, objectives, or principles.

Autocratic

A leadership style characterized by individual control over all decisions and little input from group members.