A Firm That Can Sell Its Output for $40 Per

question 117

Multiple Choice

A firm that can sell its output for $40 per unit. When it increases its labor force from 4 workers to 5 workers its output increases from 15 to 17 units. The value of marginal product of the 5th worker is

• A) $680.
• B) $340.
• C) $80.
• D) $40.

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Definitions:

Social Hierarchy

The arrangement of individuals or groups in a society in a ranked order based on status, wealth, or other criteria.

Spanish Empire

A historical empire that spanned the globe, known for its extensive territories in the Americas, Africa, Europe, and Asia until it began to decline in the 17th century.

Royal Officials

Representatives or administrators appointed by a monarchy to oversee various aspects of governance and law enforcement in their territories.

Western Hemisphere

The half of the Earth that includes North and South America.