-The Maximum Number of Workers Hired Is
A)4

question 187

Multiple Choice

$\begin{array}{l}\text { Unit of}&\text { Output}&\text { Marginal }&\text {Price } &\text { Total } & \text { Marginal } \\\text { Labor}&&\text { Physical } &&\text { Revenue } & \text { Revenue } \\&&\text { Product } &&\text { Product } & \text { Product }\\1 & 10 && \$ 10 \\2 & 26 && 10 \\3 & 46 && 10 \\4 & 60 && 10 \\5 & 70 && 10 \\6 & 76 && 10 \\7 & 78 && 10 \\8 & 78 && 10\end{array}$
-The maximum number of workers hired is

• A)4.
• B)5.
• C)6.
• D)7.
• E)8.

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Definitions:

Economic Profits

The difference between total revenue and total costs, including both explicit and implicit costs, representing the excess over the opportunity cost.

Pure Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price-taking behavior.

Nonprice Competition

Competition based on distinguishing one’s product by means of product differentiation and then advertising the distinguished product to consumers.

Real Characteristics

The tangible and genuine attributes or qualities that define an entity, object, or condition without distortion by perceptions or other external factors.