Table 17-1 -Refer to Table 17-1.The Marginal Product of the Fourth Unit

question 174

Multiple Choice

Table 17-1

-Refer to Table 17-1.The marginal product of the fourth unit of labor is

• A)300.
• B)75.
• C)60.
• D)15.

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Definitions:

Central Planning

An economic system where the government makes all decisions on the production and distribution of goods and services.

Freedom of Enterprise

the ability of individuals to start and manage their own businesses without undue restriction or interference.

Entrepreneurs

Individuals who start, organize, manage, and assume the risk for a business or enterprise, often introducing new products or services to the market.

Economic Resources

Assets or materials that can be used in the production of goods and services, including labor, capital, and natural resources.