The Following Table Shows Output Per Hour Produced by the Different

question 59

Multiple Choice

The following table shows output per hour produced by the different units of labor. Table 14.1
The marginal revenue product of a resource is equal to the product of the marginal product of an input and marginal revenue.
According to Table 14.1,the marginal-revenue product of the:

• A)fourth worker is $8.
• B)fifth worker is $3.
• C)first worker is $3.
• D)third worker is $5.
• E)second worker is $12.

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Definitions:

Lockout

An action taken by employers to prevent workers from entering the workplace, typically used during labor disputes to pressure the union to accept contract terms.

Collective Bargaining

The process of negotiation between employers and a group of employees aimed at agreements to regulate working conditions.

Organizing Process

The organizing process involves arranging and structuring work to achieve organizational goals effectively and efficiently.

Unionized

Refers to workers or an organization that is part of a trade union, which negotiates wages, working conditions, and other employment terms.