Number of workersUnits of output00110230344455Table 8.1Refer to Table 8.1, which gives a firm's production function. Assume that all non-labor inputs are fixed. The marginal product of the fourth worker is:
A. 12 units.
B. 11 units.
C. 5 units.
D. 0 units.
Answer: B
Economics
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What is net marginal revenue?
A) The same as marginal profit. B) The additional revenue the firm earns from an extra unit of an internally produced intermediate input. C) The additional revenue the firm earns from producing one more unit of output. D) The additional revenue the firm earns from selling one more unit of output.
Economics
Gross domestic product is a monetary measure of
A. total consumption in the economy. B. the total value of all final goods and services. C. total industrial output. D. the total value of all foreign sales and purchases.
Economics