Refer to Figure 7.2. The marginal product of the second worker is ________ lawns moved.
A) 3
B) 5
C) 8
D) 11.
Answer: B) 5
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One effect of a stronger dollar is
A) an increase in U.S. exports and a reduction in U.S. imports. B) a reduction in U.S. exports and an increase in U.S. imports. C) an increase in net exports. D) an increase in both imports and exports. The effect on net exports is uncertain.
The cross elasticity of demand is
A) the percentage change in the demand of one good divided by the percentage change in price of another good. B) the change in the price of one good divided by the change of quantity demanded of another good. C) the percentage change in the quantity demanded of one good divided by the percentage change in the quantity demanded of another good. D) the percentage change in the price of one good divided by the percentage change in the price of another good.