The Table Below Shows the Total Production for Varying Numbers

question 47

Multiple Choice

The table below shows the total production for varying numbers of hours worked producing yo-yos.The firm sells its product and hires its workers in competitive markets.
TABLE 13-4
-Refer to Table 13-4.If plotted on a graph,the marginal revenue product curve for the "number of hours worked" would be the same as

• A)the firm's marginal product curve,and would be downward sloping and concave to the origin.
• B)the firm's marginal product curve,and would be downward sloping and convex to the origin.
• C)the firm's demand curve for hours worked,and would be downward sloping and linear.
• D)the firm's demand curve for yo-yos,and would be downward sloping and linear.
• E)the firm's marginal revenue curve,and would be horizontal at $5 because this firm is operating in a competitive labour market.

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Definitions:

Financial Statements

Documents that give an overview of a business's financial condition in both short and long term, including but not limited to, income statements, balance sheets, and statements of cash flows.

Worksheet

A worksheet is often a piece of paper or a digital document used by accountants to prepare adjustments and end-of-period financial statements.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period of time, leading to its net income or loss.

Statement of Owner's Equity

A financial document showing the changes in the equity of a company over a specified period, including additions through earnings and subtractions due to withdrawals.