Consider the Following Table, Which Shows the Total Number of Customers

question 21

Multiple Choice

Consider the following table, which shows the total number of customers served per hour as the number of cash registers is increased. The marginal product of the third cash register is:

• A) 42.
• B) 6.
• C) 12.
• D) 9.
• E) 10.

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Definitions:

Farthest from Origin

In geometric terms, the point on a graph that is at the greatest distance from the origin, often used metaphorically to describe extreme or outlier conditions.

Phillips Curve Analysis

An economic concept that analyzes the inverse relationship between rates of unemployment and corresponding rates of inflation.

Natural Rate

The natural rate often refers to the natural rate of unemployment, which is the level of unemployment consistent with sustainable economic growth, without accelerating inflation.

Inflationary Expectations

The anticipations of consumers, businesses, and investors regarding the rate of inflation in the future.