Suppose the Last Unit of a Factor of Production Employed

question 31

Multiple Choice

Suppose the last unit of a factor of production employed has a marginal product of 12.The factor's price is $8,and the product's competitive market price is $6.This factor's marginal revenue product is

• A)$6.
• B)$36.
• C)$48.
• D)$72.
• E)$96.

Grasp the ethical concerns related to truth in sentencing laws and policy analysis.

Understand the effects of punitive attitudes and policies on specific groups, including the religious community and elderly inmates.

Understand the concept of fallacies in discussing racial progress and the limitations of individual success stories.

Recognize the genetic and biological misconceptions related to race.

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Definitions:

Materials Quantity Variance

The difference between the actual amount of materials used in production and the expected amount, which can indicate efficiency or procurement issues.

Standard Cost

A predetermined cost of manufacturing a single unit or a number of product units during a specific period, used as a benchmark to control costs.

Variable Manufacturing Overhead

Costs that fluctuate with the volume of manufacturing activity, including supplies, utilities, and indirect labor.

Labor Efficiency Variance

The difference between the actual number of labor hours worked and the standard hours expected to complete the work, multiplied by the standard labor rate.