If Four Workers Can Produce 18 Chairs a Day and Five

question 75

Multiple Choice

If four workers can produce 18 chairs a day and five can produce 20 chairs a day, the marginal product of the fifth worker is

• A)2 chairs.
• B)3 chairs.
• C)4 chairs.
• D)38 chairs.

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Definitions:

Price Elasticity

An assessment of the responsiveness of product demand to variations in its cost.

Demand Curve

A graphical representation showing how the quantity of a good demanded by consumers changes as its price changes, holding other factors constant.

Cross-Price Elasticity

Measures the responsiveness of demand for one good to a change in the price of another good.

Goods Relationship

Refers to the connections and interactions between various goods, including how the production, consumption, or value of one can affect another.