Ten Cases of Spring Water Are Sold for $6 Each

question 2

Multiple Choice

Ten cases of spring water are sold for $6 each, and the marginal product of the last unit of labor is 5. If the price of a case increases from $6 to $8, then the marginal revenue product of the last unit of labor would

• A) decrease by $10.
• B) increase by $40.
• C) decrease by $30.
• D) increase by $10.
• E) not change.

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Definitions:

Prototype

An original model on which something is patterned or an early, typical example of a concept or category.

Stereotype Content Model

A theory positing that stereotypes are based on the dimensions of warmth and competence which humans universally apply to social groups.

Judged Competence

The perception of an individual's skills, abilities, and performance by others, often influenced by various biases and subjective assessments.

Warmth

A personal quality characterized by kindness, compassion, and friendliness, promoting positive interpersonal relations.