-Refer to the Above Table

question 38

Multiple Choice

-Refer to the above table. Suppose the marginal revenue product of the 7th worker is $1100. This implies that

• A) the price of the good is $1.
• B) the price of the good is $8.
• C) the price of the good is $20.
• D) we cannot tell what the price of the good is without more information.

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Definitions:

Socialization

The process by which individuals learn and adopt the norms, values, behaviors, and social skills appropriate to their society or culture.

Murderer

An individual who unlawfully kills another human being with premeditation or malice aforethought.

External Restraint

Controls imposed from outside an individual that influence behavior, such as laws, social norms, or cultural expectations.

Homicide

The act of one human killing another, ranging from accidental to premeditated murder, and regarded as a severe crime under the law.