The Table Below Shows the Total Output Produced by Different

question 106

Multiple Choice

The table below shows the total output produced by different units of a resource. Assume that the resource and output markets are both perfectly competitive. The equilibrium price of the resource is $15.00, and the equilibrium price of the product is $0.50.Table 14.2
Marginal revenue product (MRP) of a resource is the product of the marginal product of the resource and the marginal revenue.
-If a resource is purchased and sold in a perfectly competitive market:

• A)there are a large number of resource suppliers and the resources are identical.
• B)there is a single buyer of resource and the resources are identical.
• C)there is a single buyer of resource and the resources are differentiated.
• D)there are a large number of resource suppliers and the resources are differentiated.
• E)there are a large number of resource suppliers and there is no entry or exit.

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Definitions:

Atkinson-Shiffrin Model

A theory of human memory that proposes memory is processed through three systems: sensory memory, short-term memory, and long-term memory.

Memory

The mental capacity to store, retain, and recall information and experiences from the past.

Working Memory System

A mental system that has a restricted ability and is in charge of briefly maintaining information ready for processing.

Short-Term Memory

The aptitude for storing a minimal amount of details in a directly accessible and active mode for a limited time span.