If the Twelfth Worker Hired Is Able to Produce 10

question 80

Multiple Choice

If the twelfth worker hired is able to produce 10 units a day of a product that sells for $16 per unit, the competitive firm will hire this worker if his or her wages are _____ per day.

• A) $161 or less
• B) $160 or less
• C) $162 to $200
• D) over $200

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Definitions:

Opportunity Cost

The economic consequence of bypassing the nearest favorable option when making a choice.

Attractive Offer

A proposal or deal that is appealing and likely to be accepted by others.

Attending College

The act of being enrolled and participating in academic courses at a college or university.

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing between two or more options.