Table 3.1 -Referring to Table 3.1, Which Is of the Following Answers

question 26

Multiple Choice

Table 3.1

-Referring to Table 3.1, which is of the following answers is INCORRECT? If pots sell for $20 each then

• A) the marginal revenue product of labor of the second worker is $260.
• B) the marginal product of the third worker is five pots.
• C) the marginal revenue from selling the eighteenth pot is $20.
• D) the marginal revenue product of labor equals the marginal product of labor multiplied by the additional revenue that is received per unit of output.

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Definitions:

Total Cost

The sum of all expenses incurred in the production of goods or services, including both fixed and variable costs.

Break-even Point

The level of production or sales at which total revenues equal total costs, resulting in neither profit nor loss.

Total Revenue

The entire sum of revenue produced from selling goods or services connected to the business's main activities.