-If This Firm Were a Perfect Competitor Selling Its Entire

question 121

Multiple Choice

$$\begin{array}{l}\begin{array} { cc } \text { Units of Input}&\text { Units of Outputs }\\1 & 3 \\2 & 7 \\3 & 10 \\4 & 12 \\5 & 13 \\6 & 12\end{array}\end{array}$$
-If this firm were a perfect competitor selling its entire output at a price of $1,the marginal revenue product of the third unit of input would be

• A)$0.
• B)$1.
• C)$2.
• D)$3.
• E)$10.

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Definitions:

Illegal Immigrant Workers

Illegal immigrant workers are individuals working in a country without the legal permission or visa required to do so by that country.

Equilibrium

A state in a market or economy where demand equals supply, resulting in stable prices and quantities.

Hired

The process of engaging an individual to perform services or work in exchange for compensation.

Average Wages

The mean income of workers in a specific area or sector, calculated by dividing the total wages paid by the number of employees.