If a chair can be sold for $20 and it takes a worker two hours to make a chair, the marginal revenue product of this worker is
A. $2 per hour.
B. $20 per hour.
C. $10 per hour.
D. $5 per hour.
Answer: C
Economics
You might also like to view...
Which of the following is true at the profit-maximizing quantity for both a perfectly competitive firm and a monopoly?
a. Price equals marginal cost. b. Price is greater than marginal cost. c. Marginal revenue equals marginal cost. d. Marginal revenue is less than marginal cost. e. Marginal revenue is greater than average revenue.
Economics
If a firm acquires the stock of a competing firm that causes a substantial lessening of competition, it would be in violation of the:
a. Clayton Act. b. Robinson-Patman Act. c. Sherman Antitrust Act. d. Federal Trade Commission Act. e. Interstate Commerce Act.
Economics