The table below shows the total production for varying numbers of hours worked producing yo- yos. The firm sells its product and hires its workers in competitive markets.
-Refer to Table 13- 4. If plotted on a graph, the marginal revenue product curve for the "number of hours worked" would be the same as
A) the firm's demand curve for yo- yos, and would be downward sloping and linear.
B) the firm's marginal physical product curve, and would be downward sloping and convex to the origin.
C) the firm's marginal physical product curve, and would be downward sloping and concave to the origin.
D) the firm's demand curve for hours worked, and would be downward sloping and linear.
E) the firm's marginal revenue curve, and would be horizontal at $5 because this firm is operating in a competitive labour market.
Correct Answer:
Verified
Q3: Consider labour that is hired for $18
Q60: The table below shows the total production
Q111: The diagram below shows the MRP curve
Q112: The "functional distribution of income" refers to
Q113: Alfred Marshall's concept of "transfer earnings" denotes
A)
Q114: A monopolist will continue to increase production
Q115: 55 The three diagrams below each show
Q117: The value of a factor in its
Q119: Other things equal, if a particular province
Q120: Consider a small firm that is producing
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