The Following Table Shows the Total Output Produced by Different

question 51

Multiple Choice

The following table shows the total output produced by different units of a resource.Assume that the resource and output markets are both perfectly competitive.The equilibrium price of the resource is $15.00,and the equilibrium price of the product is $0.50. Table 14.2
Marginal revenue product (MRP) of a resource is the product of the marginal product of the resource and the marginal revenue.
Refer to Table 14.2.What is the marginal-revenue product of the third unit of the resource?

• A)$6.50
• B)$13.00
• C)$17.50
• D)$70.00
• E)$20.00

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Definitions:

Halo Effect

A cognitive bias where an observer's overall impression of a person influences their feelings and thoughts about that person's character or properties.

Rating Scales

A method for assessing attitudes, feelings, behaviors, or performance by assigning values or ratings according to a predetermined scale.

Subjectivity

Subjectivity refers to how someone's judgment is shaped by personal opinions and feelings instead of outside influences, making it inherently individual and biased.

Inner Judgment

The process of evaluating one's own thoughts, actions, and emotions based on personal standards and beliefs.