Assume That Labor Is the Only Variable Input and That

question 84

Multiple Choice

Assume that labor is the only variable input and that an additional input of labor increases total output from 72 to 78 units.If the product sells for $6 per unit in a perfectly competitive market,then the MRPof this additional worker is:

• A)$78
• B)$72
• C)$36
• D)$39
• E)$6

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Definitions:

Legislative Branch

One of the branches of government responsible for making and enacting laws.

Trade Control

Regulations and policies implemented by a government to manage and control international trade and exports.

Extremism

The holding of extreme political or religious views that may lead to actions outside of societal norms.

Currency Control

Regulations imposed by a government on the purchase and sale of foreign currencies by residents or on the transfer of currencies across national borders.