For a Competitive Firm,the Value of the Marginal Product

question 57

Multiple Choice

For a competitive firm,the value of the marginal product:

• A)decreases for each additional worker.
• B)increases for each additional worker.
• C)remains constant across workers.
• D)is zero when profits are maximized.

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Definitions:

Marginal Product

The additional output that results from using one more unit of a specific input, keeping other inputs constant.

Third Worker

In the context of labor and production, refers to the addition of a third employee in a process, which can affect productivity differently depending on the scenario.

Marginal Product

Additional output gained by employing one more unit of production.

Second Worker

The term "second worker" can refer to an additional employee hired to perform tasks, often implying the expansion of workforce due to increased workload.