Suppose a Firm Has Some Power in the Product Market

question 138

Multiple Choice

Suppose a firm has some power in the product market and hires labor in a perfectly competitive labor market.If the market wage rate is $20,the marginal product of the last worker hired is 5,and the firm is hiring the profit-maximizing amount of labor,then the marginal revenue product of the last worker hired is _____

• A)$1.
• B)$1.50.
• C)$4.
• D)$5.
• E)$20.

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Definitions:

Selling Price

The amount of money for which a company offers to sell its products or services to customers.

Market Rate

The prevailing price or interest rate available in the marketplace for goods, services, or securities.

Premium on Bonds Payable

The premium on bonds payable is the amount by which a bond's selling price exceeds its face value, reflecting additional value due to lower-than-market interest rates.

Redeems

The act of exchanging something, such as a coupon or voucher, for goods, services, or a monetary refund.