The Following Table Shows Output Per Hour Produced by the Different

question 35

Multiple Choice

The following table shows output per hour produced by the different units of labor.Table 14.1
The marginal revenue product of a resource is equal to the product of the marginal product of an input and marginal revenue.
-After hiring 151 units of the variable input (say labor) a firm determines the marginal fixed cost (MFC) to be $0.33 and the marginal revenue product (MRP) to be $0.30. The firm should:

• A)increase its production.
• B)increase the use of labor.
• C)decrease the use of labor.
• D)produce 151 units.
• E)produce 33 units of the output.

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Definitions:

Tenancy in Common

A type of joint ownership of property where each owner holds an undivided interest and rights to the property, but without survivorship rights.

Tenants by the Entirety

A form of joint property ownership available to married couples, where each owns the entire property and rights of survivorship are included.

Earnest Money

A deposit made to a seller indicating the buyer's good faith, seriousness, and intent to complete the purchase transaction.

Purchase Price

The amount of money that is paid or agreed to be paid by a buyer to acquire ownership of a product or property.