-Use the Above Table

question 117

Multiple Choice

-Use the above table. The MFC of the 4th worker is

• A) $5.
• B) $6.25.
• C) $25.
• D) $40.

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Definitions:

Market Price

The present cost at which an item or service may be purchased or sold in a market setting.

Profit Maximizing

The process or strategy of adjusting production and sale operations to achieve the highest possible profit.

Deadweight Loss

A reduction in economic productivity happens when a good or service fails to reach or cannot attain its equilibrium state.

Output

The total amount of goods or services produced by a person, machine, or industry during a given period.