Table 102 -Refer to Table 10

question 142

Multiple Choice

Table 10.2
$$\begin{array} { | c | c | c | c | c | } \hline \begin{array} { c } \text { Quantity of } \\\text { labour }\end{array} & \begin{array} { c } \text { Output of iPods per } \\\text { Week }\end{array} & \begin{array} { c } \text { Marginal Product of } \\\text { labour }\end{array} & \begin{array} { c } \text { Product Price } \\\text { (dollars) }\end{array} & \begin{array} { c } \text { Wage } \\\text { (dollars) }\end{array} \\\hline 1 & 8 & 8 & \$ 300 & \$ 350 \\\hline 2 & 15 & 7 & 280 & 350 \\\hline 3 & 21 & 6 & 260 & 350 \\\hline 4 & 26 & 5 & 240 & 350 \\\hline 5 & 30 & 4 & 220 & 350 \\\hline 6 & 33 & 3 & 200 & 350 \\\hline 7 & 35 & 2 & 180 & 350 \\\hline\end{array}$$
-Refer to Table 10.2.The firm represented in the table

• A) has market power in the factor market.
• B) has market power in the output market.
• C) has market power in both the factor and product market.
• D) has no market power in the factor or product market.

---

Definitions:

Pooled Variance

An estimate of variance across different samples or groups that assumes the underlying population variances are equal.

T-Statistic

A type of test statistic calculated to determine if a hypothesis should be accepted or rejected, commonly used in a t-test to compare means.

Degrees of Freedom

The number of independent values or quantities that can vary in the analysis without breaking any constraints, relevant in statistical tests to assess the validity of the test.

Preservatives

Substances used in food processing and preservation to prevent spoilage and decay caused by microbial growth or undesirable chemical changes.