(Table) Based on the Table, If the Wage Rate Is

question 299

Multiple Choice

(Table) Based on the table, if the wage rate is $65, how many workers should this firm hire?
$\begin{array}{|c|c|c|c|}\hline \text { Units of Labor } & \begin{array}{c}\text { Quantity of } \\\text { Output }\end{array} & \text { Product Price } & \begin{array}{c}\text { Marginal } \\\text { Revenue Product }\end{array} \\\hline 1 & 20 & \$ 10 & \\\hline 2 & 28 & 10 & \text { A } \\\hline 3 & 35 & 10 & \text { B } \\\hline 4 & 41 & 10 & \text { C } \\\hline 5 & \text { D } & 10 & \$ 30 \\\hline 6 & 35 & 10 & \\\hline\end{array}$

• A) 1 worker
• B) 2 workers
• C) 3 workers
• D) 4 workers

---

Definitions:

Products

Products are goods or services offered by a business to satisfy consumer needs or wants.

Costs

The values of resources expended in order to achieve a certain objective, such as production or delivering services.

Iso-profit Line

A graphical representation in economics showing all possible combinations of two inputs that yield the same profit level.

Producing

The act of creating, manufacturing, or generating goods or services.