Which of the Following Is True? at a Given Quantity

question 45

Multiple Choice

Which of the following is true? At a given quantity of employment,if the
i.value of marginal product of a high-skill worker is $35 and the value of marginal product of a low-skill worker is $10,the value of marginal product of the skill is $25.
ii.value of marginal product of a high-skill worker is $35 and the value of marginal product of a low-skill worker is $10,the cost of acquiring the skill is $25.
iii.value of marginal product of a skill is $25,then the wage rate must be $25.

• A) i only
• B) ii only
• C) iii only
• D) i and iii
• E) ii and iii

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Definitions:

Gadgets

Small electronic or mechanical devices or tools that are innovative and designed for a particular purpose.

Significant Quantities

Items or entities in considerable amounts that are large enough to warrant attention or impact assessment.

Inventory

Inventory refers to the goods and materials that a business holds for the ultimate goal of resale or processing, including raw materials, work-in-progress, and finished goods.

Manufacturing

The process of converting raw materials or components into finished goods through the use of tools, machinery, and labor.