Table 8.3 -Refer to Table 8.3.If Four Workers Are Hired,then

question 109

Multiple Choice

Table 8.3
-Refer to Table 8.3.If four workers are hired,then

• A) diminishing marginal returns have started.
• B) marginal product equals five.
• C) total product is maximized on the table.
• D) all of the above

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Definitions:

Economic Resource

Assets or inputs used in the production of goods and services, including natural resources, human resources, capital, and entrepreneurship.

Aggregate Economic Rent

The total earnings that factors of production receive over and above their opportunity cost, representing the extra income derived from resource ownership.

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable change on an outcome.

Surplus Payments

Payments made above the market price, often by a government to producers, to encourage production or as a form of subsidy.