The Following Questions Refer to the Table Below

question 51

Multiple Choice

The Following Questions Refer to the table below.
-If each unit of output is sold for $5,the marginal revenue product of the 3^rd worker is

• A)5
• B)50
• C)200
• D)250
• E)300

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Definitions:

Government-Imposed

pertains to regulations, restrictions, or conditions set by public authorities that affect individuals, businesses, or activities within a jurisdiction.

Quantity Supplied

The total amount of a good or service that producers are willing and able to sell at a given price in a given period.

Price Floor

A minimum legal price below which a product cannot be sold; to have an impact, a price floor must be set above the equilibrium price.

Surplus

A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.