-In the Above Table, the Average Physical Product of 2

question 177

Multiple Choice

-In the above table, the average physical product of 2 workers and the marginal physical product of the 2nd worker is

• A) 2; 2.
• B) 4; 1.
• C) 3.5; 3.5.
• D) 3.5; 4.

---

Definitions:

Price Ceiling

A government-imposed limit on how high a price can be charged on a product or service.

Demand

Demand refers to consumers' willingness and ability to purchase a product or service at a given price.

Supply Conditions

Factors that affect the quantity of a good or service that producers are willing and able to sell at a given price.

Excise Tax

A tax on the manufacture, sale, or consumption of certain goods and services within a country.