Three accountants can prepare 5 tax returns a day and four accountants can prepare 7 tax returns a day. If the marginal revenue product of hiring the fourth accountant is $300, then in a perfectly competitive product market the price of each tax return is
a. $250
b. $100
c. $300
d. $200
e. $150
E
Economics
You might also like to view...
If consumer pays entire tax, good is _________________.
Fill in the blank(s) with the appropriate word(s).
Economics
If the wage rate paid to one form of labor is twice the cost of another form of labor, the first type of labor must be twice as productive
Indicate whether the statement is true or false
Economics