If the Marginal Products of the First Five Units of Labor

question 47

Multiple Choice

If the marginal products of the first five units of labor are 120,105,85,60,and 30,respectively,then five units of labor can produce ________ units of output.

• A) 30
• B) 80
• C) 90
• D) 210
• E) 400

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Definitions:

John Kenneth Galbraith

John Kenneth Galbraith was an influential Canadian-American economist and public intellectual who contributed significantly to the development of modern economic thought, particularly in the areas of consumer behavior, public policy, and economic history.

Mixed Economy

An economic system that combines private and public enterprise, incorporating elements of both capitalism and socialism.

Adam Smith

A Scottish economist, philosopher, and author who is considered the father of modern economics and is best known for his book "The Wealth of Nations."

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