Use the Figure Below to Answer the Following Questions

question 43

Multiple Choice

Use the figure below to answer the following questions.

Figure 19.3.2
-Refer to Figure 19.3.2. At an employment level of 40 hours per week, the difference in the value of marginal product of high-skilled workers and low-skilled workers is

• A)$0.
• B)$2 an hour.
• C)$6 an hour.
• D)$4 an hour.
• E)$3 an hour.

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Definitions:

Demand Curve

a graphical representation showing the relationship between the price of a good and the quantity of that good consumers are willing to buy.

Cost Functions

Mathematical relationships expressing the cost of production as a function of the quantity of output produced.

Profit-maximizing

A strategy or point where a firm reaches the highest possible profit by balancing its costs and revenues.

Perfect Competition

A market structure characterized by many buyers and sellers, homogenous products, and free entry and exit from the market.