Table 7-3 Shows the Combinations of Labor and Capital Required

question 22

Multiple Choice

Table 7-3 shows the combinations of labor and capital required to produce various level of output.
Table 7-3
-Refer to Table 7-3.Assume that capital remains fixed while labor is the only variable input used in production.If the firm is currently producing 26 units of output using three units of labor,what is the marginal product of labor at this point?

• A)2
• B)4
• C)6

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A fixed dollar amount assigned to each share of no-par stock, designated by the board of directors of a company.

Treasury Stock

Shares that were once a part of the outstanding shares but were bought back by the company and are now held in the company's treasury.

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A distribution of profits by a corporation to its shareholders in the form of cash.

Treasury Stock

Shares that were issued and later reacquired by the company, reducing the amount of outstanding stock on the open market.