Multiple Choice
Exhibit 7-2 Given the information in Exhibit 7-2, what is the marginal product of the fourth unit of labor?
A) 5 pairs of shoes
B) 10 pairs of shoes
C) 20 pairs of shoes
D) 50 pairs of shoes
E) 80 pairs of shoes
Correct Answer:

Verified
Correct Answer:
Verified
Q169: If a firm experiencing "economies of scale"
Q170: Accounting profit is<br>A)always less than economic profit<br>B)never
Q171: Fixed costs are defined as<br>A)the total costs
Q172: Exhibit 7-3 <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6784/.jpg" alt="Exhibit 7-3
Q173: The marginal cost curve intersects the minimum
Q175: A firm's long-run average cost curve is
Q176: As output rises, marginal product eventually diminishes
Q177: iOn a graph of production costs, the
Q178: An example of an uncontrollable resource that
Q179: As output increases, diseconomies of scale<br>A)lead to