The Following Table Shows the Marginal Revenue of a Firm

question 10

Multiple Choice

The following table shows the marginal revenue of a firm and the marginal physical product of different units of labor in a perfectly competitive labor market. Table 14.5
Note: Marginal revenue product of a resource is the product of MPP and MR.
In Table 14.5,at what wage rate would one worker be hired by a profit-maximizing firm?

• A)$10
• B)$25
• C)$30
• D)$50
• E)$100

---

Definitions:

Service Functions

Specific activities or tasks performed to provide support or benefits to customers in various industries.

Job Specifications

A detailed description of the qualifications, skills, experience, and knowledge required from a candidate to fulfill a job's duties.

Employee Job Tasks

The specific duties, responsibilities, and activities assigned to an employee as part of their job.

Competency Matrix

A tool used to identify and document the skills, knowledge, and abilities required for various job roles within an organization, facilitating effective human resource planning and development.