The Following Table Shows Data for a Perfectly Competitive Firm

question 120

Multiple Choice

The following table shows data for a perfectly competitive firm. The first column shows the number of resources employed in production, the second column shows the total product of the firm, and the third column shows its product price. Which of the following is the marginal revenue product of the fifth unit of the resource? ​
Table 11.3
​

• A)$260
• B)$130
• C)$22
• D)$44
• E)−$18

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Definitions:

Private Consumption

Expenditures by individual households or residents of a country on goods and services, not including purchases for business or investment purposes.

Gross Investment

The total amount of money spent on capital projects before deducting depreciation or other allowances for the wearing out of assets.

Government Spending

The total amount of money spent by the government on various sectors including public services, welfare, defense, and infrastructure.

Industry Regulation

The imposition of rules by a government, along with mechanisms for their enforcement, designed to modify behaviors within specific industries.