Refer to the Following Table to Answer the Following Questions

question 9

Multiple Choice

Refer to the following table to answer the following questions:

-If the price of output is $5,the value of the marginal product of labor of the third worker is

• A) $8.
• B) $30.
• C) $40.
• D) $38.
• E) $190.

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Definitions:

Income

The monetary payment received for work or through investments, including wages, salaries, or dividends.

Consumer Equilibrium

A condition where a consumer has allocated their income in a way that maximizes their utility, given their budget constraints and the prices of goods and services.

Utility

In economics, the total satisfaction received from consuming a good or service.

Income

Earnings received by a person or entity, typically through work, investments, or business ventures, over a specified period.