Assume labor is the only variable input and that an additional input of labor increases total output from 72 to 78 units.If the product sells for $6 per unit in a purely competitive market,the MRP of this additional worker is:
A) $6.
B) $12.
C) $36.
D) $72.
Correct Answer:
Verified
Q1: We say that the demand for labor
Q4: Answer the question on the basis of
Q7: The marginal revenue product schedule is
A) the
Q10: When economists say that the demand for
Q10: Answer the question on the basis of
Q12: The labor demand curve of a purely
Q14: In the United States, professional football players
Q16: If one worker can pick $30 worth
Q17: A firm will find it profitable to
Q18: The demand for a resource depends primarily
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents