If the Marginal Product of the Second Worker Hired by a Firm

question 156

Multiple Choice

If the marginal product of the second worker hired by a firm is 14 units and the price of the tenth unit of output is $7,then the marginal revenue product _____

• A)of the second worker is $98 regardless of the structure of the product market.
• B)of the second worker is $98 if the firm is a price maker in the product market.
• C)of the second worker is $98 if the product market is perfectly competitive.
• D)of the tenth worker is $98 if the product market is perfectly competitive.
• E)of the tenth worker is $98 if the firm is a price taker in the product market.

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Definitions:

Cattell

A psychologist who made significant contributions to the fields of personality, intelligence, and psychological measurement.

Allport

Gordon Allport, a psychologist known for his theory of personality and his research on the psychology of prejudice.

Cardinal Trait

A personality attribute considered so dominant in an individual that it influences nearly all aspects of their behavior.

Gordon Allport

An influential psychologist known for his work on personality theory and the concept of personal traits.