If the Average Product of 20 Workers Is 100 Bushels

question 64

Multiple Choice

If the average product of 20 workers is 100 bushels of wheat and the average product of 21 workers of wheat is 99 bushels of wheat, then the marginal product of the 21st worker was

• A) -1 bushel of wheat.
• B) 5 bushels of wheat.
• C) 79 bushels of wheat.
• D) 99 bushels of wheat.

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Definitions:

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made on a periodic basis, rather than continuously, often at the end of an accounting period.

Cost Of Goods Sold

The direct costs attributable to the production of goods sold by a company.

Merchandising Business

A merchandising business buys goods in their finished form for the purpose of resale without further processing, making profit through buying and selling activities.

Statement Of Stockholders' Equity

A financial document that shows the changes in the value of a company's equity over a reporting period, including shares issued, dividends, and earnings.