Above Is a Firm's Average Product of Labor and Marginal

question 5

Multiple Choice

Above is a firm's average product of labor and marginal product of labor curves.The price of labor is $60 per unit.Given this,diminishing returns set in with the

• A)3rd unit of labor.
• B)6th unit of labor.
• C)10th unit of labor.
• D)12th unit of labor.
• E)14th unit of labor.

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Definitions:

Price Increase

A rise in the cost of goods or services.

Tax Revenue

The money collected by governments through the process of taxation.

Supply Curve

The supply curve is a graphical representation showing the relationship between the price of a good and the quantity of the good that producers are willing to supply.

Tax

An essential levy or different assessment exacted from taxpayers by a governmental institution, aimed at covering the costs of government activities and various public financial needs.