Table 17-4 Table 17-4 Lists Data for the Production of Apple IPods

question 127

Multiple Choice

Table 17-4

Table 17-4 lists data for the production of Apple iPods. Apple is assumed to be a price maker, so to increase its sales of iPods the firm must lower its price. MPL and MRPL refer to the marginal product of labor and the marginal revenue product of labor, respectively.
-Refer to Table 17-4.What are the quantity of labor and marginal revenue product of labor that will maximize the profit Apple would earn from selling iPods?

• A)2; $160
• B)3; $340
• C)2; $680
• D)3; $140

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Definitions:

Eugene V. Debs

An American socialist, political activist, and trade unionist, one of the founding members of the Industrial Workers of the World, and five times the candidate of the Socialist Party of America for President of the United States.

Jacob Coxey

An American political activist who led Coxey's Army, a protest march to Washington, D.C., in 1894, advocating for the creation of jobs during an economic depression.

William Jennings Bryan

A prominent American orator and politician from the late 19th and early 20th centuries, known for his advocacy for Populism and free silver, and for being a three-time Democratic presidential candidate.

Women's Suffrage

The movement to grant women the right to vote, a significant chapter in the global fight for gender equality.