Consider the Following Table for a Firm

question 19

Multiple Choice

Consider the following table for a firm.The first column shows the number of units of a variable factor of production employed by the firm.
TABLE 13-2
-Refer to Table 13-2.Suppose this firm is a perfect competitor and faces a given price of the product equal to $10 per unit.The marginal revenue product of the 3rd unit of the factor is

• A)$30.
• B)$100.
• C)$110.
• D)$1000.
• E)$1100.

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Definitions:

Cognitive Origin

The beginning or root of a thought process in the human mind.

Stereotype

A common, yet rigid and simplified conception of a specific kind of individual or object.

Ethnocentrism

The belief in the superiority of one's own ethnic group or culture, often accompanied by a prejudiced outlook on others.

Contact

In psychology, it can refer to the act of interaction or communication between individuals or groups, which can influence perceptions and relationships.