Use the Table Below to Answer the Following Questions

question 128

Multiple Choice

Use the table below to answer the following questions.
Table 18.2.1

-Refer to Table 18.2.1. If the firm can sell all the output it wants for the price of $5 a unit, what is the value of marginal product of the 6th worker?

• A)$20
• B)$0
• C)$25
• D)$40
• E)$185

Analyze the decision-making process of competitive firms regarding production and sales in the short run.

Calculate profit or loss based on the concepts of total revenue, average revenue, and marginal revenue.

Identify characteristics of competitive markets and the behavior of firms within such markets.

Understand the impact of market structures on the pricing and profit-maximizing strategies of firms.

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