If the Value of Marginal Product of the 10th Worker

question 151

Multiple Choice

If the value of marginal product of the 10th worker is $60,then the

• A) quantity of labor demanded when the wage rate is $60 will be 10 workers.
• B) wage rate of the 10th worker will be $6.
• C) firm will not hire the worker if the wage rate is less than $60.
• D) marginal cost of the 10th worker will be $6.
• E) quantity of labor demanded when the wage rate is $6 will be 10 workers.

---

Definitions:

Wheat Farming

The agricultural practice of cultivating wheat, a cereal grain, for its seed, primarily used for human consumption.

Downward Sloping

A term often used to describe a demand curve, indicating that as the price decreases, quantity demanded increases.

Individual Firm

An individual firm refers to a single business entity that operates in a market to produce or sell goods and services.

Relatively Easy Entry

Refers to industries or markets where barriers to entry are minimal, allowing new competitors to join with fewer obstacles.