Assume That the Product Price Is $4 Per Unit and That

question 44

Multiple Choice

Assume that the product price is $4 per unit and that the hourly wage for workers is $12.Neither price nor wage changes with output.In Table 30.1, the marginal revenue product of the second worker hired is

• A)$4 per hour.
• B)$6 per hour.
• C)$24 per hour.
• D)$40 per hour.

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Definitions:

Cluster Organizations

Groups of independent companies or organizations that collaborate closely in a particular field to achieve greater efficiency and productivity.

Organizational Culture

The collective values, beliefs, and norms that shape behaviors and practices within an organization, influencing its social and psychological environment.

Lower Turnover

The reduction in the rate at which employees leave a company, contributing to improved organizational stability and reduced costs for recruitment and training.

People-Friendly

Describes policies, environments, or products that are designed to be beneficial or easy to use for people.