Scenario: Consider a Firm That Produces and Sells a Good

question 55

Multiple Choice

Scenario: Consider a firm that produces and sells a good for the price of $2 in a perfectly competitive market. The following table shows the relationship between the number of workers and the output of this firm. Suppose the labor market from which this firm hires its employees is competitive.

-Refer to the scenario above.What is the value of the marginal product of labor when the first worker is hired?

• A) $15
• B) $30
• C) $18
• D) $9

---

Definitions:

Positive and Negative Words

Words that convey or evoke positive or negative emotions, feelings, or associations, respectively.

Questionnaire

A research instrument consisting of a series of questions designed to gather information from respondents.

Schemas

Cognitive structures or frameworks that help organize and interpret information, based on previous experience, to understand and respond to new situations.

Stereotypes

Schemas that are often negative and are used to categorize complex groups of people.