A Firm Increases the Number of Workers It Hires from 50

question 83

Multiple Choice

A firm increases the number of workers it hires from 50 to 52 and,as a result,output increases from 100 to 110.Each of the additional units of output can be sold for $2.What is marginal revenue for the last 10 units produced?

• A)2
• B)5
• C)10
• D)20
• E)50

Recognize the effects of wage changes on labor supply and demand, including the substitution and income effects.

Examine the role of goods and services markets in contrast to labor markets.

Analyze factors influencing individual labor supply curves and the impact of changes in wages.

Understand the factor distribution of income and how it reflects on labor and capital.

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Definitions:

Codon

A codon is a sequence of three nucleotides in mRNA that specifies a particular amino acid or start/stop signal for protein synthesis.

Ribosomal RNA

A molecular component of ribosomes, essential for protein synthesis in all living organisms, playing a catalytic and structural role in ribosomes.

Structural RNA

RNA molecules that are not translated into protein but form an integral part of cellular structures like ribosomes.

Ribosomes

Cellular organelles that serve as the site of protein synthesis, reading mRNA and linking amino acids together.