-In the Above Table, the Marginal Physical Product of the 3rd

question 145

Multiple Choice

-In the above table, the marginal physical product of the 3rd worker is

• A) 5.
• B) 4.
• C) 3.
• D) 12.

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Definitions:

User Cost

The cost associated with the use of a product or service, including wear and tear, depreciation, or opportunity cost.

Nonrenewable Resource

Natural resources, such as coal, oil, and natural gas, that cannot be replenished at a sustainable rate once consumed.

Conservation Cost

The expenses related to the preservation and protection of natural resources or the environment.

Optimal Extraction

The most efficient rate at which a non-renewable resource should be consumed or used, taking into account sustainability and future value.