Refer to the Following Table to Answer the Following Questions

question 9

Multiple Choice

Refer to the following table to answer the following questions:

-If the price of output is $5,the value of the marginal product of labor of the third worker is

• A) $8.
• B) $30.
• C) $40.
• D) $38.
• E) $190.

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Definitions:

Common Value Auctions

Auctions in which the item for sale has a value that is equally unknown to all bidders, but ultimately, the value is the same for everyone.

Bidders

Individuals or entities that offer to pay a specific price for goods, services, or assets, often in the context of an auction.

Bid-rigging

A form of fraud where competing parties conspire to determine the winner of a bidding process.

Cartels

An agreement among competing firms to control prices or exclude entry of a new competitor in a market.