The First, Second, and Third Workers Employed by a Firm

question 42

Multiple Choice

The first, second, and third workers employed by a firm add 24, 18, and 9 units to total product, respectively. Therefore, we can conclude that

• A)marginal product of the third worker is 9.
• B)the third worker has to work with poorer-quality tools and raw materials.
• C)the firm will not want to hire more than three workers.
• D)the first worker puts forth more effort than the second and third workers.

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Definitions:

Income Histories

Records or accounts of an individual's or household's earnings over a period of time.

Social Relationships

Interactions and connections between individuals that can include friendships, family bonds, work associations, and romantic partnerships.

Life Satisfaction

Life satisfaction is the degree to which an individual feels content with their life as a whole, often measured in terms of personal achievements, relationships, and feelings of fulfillment.

Depression

A condition of mental wellness defined by ongoing feelings of sadness or a lack of enthusiasm for activities, which greatly affects one's daily activities.