Suppose That a Sneaker Company Produces Output Using Capital and Labor.Capital

question 80

Multiple Choice

Suppose that a sneaker company produces output using capital and labor.Capital costs $50 per unit and labor costs $5 per unit.If the firm is minimizing the costs of production when the marginal product of capital is 100 units, the marginal product of labor is:

• A)5 units.
• B)10 units.
• C)50 units.
• D)100 units.
• E)none of the above.

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Definitions:

New Jersey Plan

The New Jersey Plan was a proposal at the Constitutional Convention of 1787, advocating for a single legislative house with equal representation for each state.

One-House Congress

A legislative body with a single chamber or house, as opposed to bicameral systems with two houses.

Veto Power

The constitutional right to reject a decision or proposal made by a law-making body.

Constitutional Convention

The gathering in 1787 where the United States Constitution was drafted, replacing the Articles of Confederation and forming the foundation of U.S. law and government.