Multiple Choice
Which of the following is true? At a given quantity of employment, if the i. value of marginal product of a high-skill worker is $35 and the value of marginal product of a low-skill worker is $10, the value of marginal product of the skill is $25.
Ii) value of marginal product of a high-skill worker is $35 and the value of marginal product of a low-skill worker is $10, the cost of acquiring the skill is $25.
Iii) value of marginal product of a skill is $25, then the wage rate must be $25.
A) i only
B) ii only
C) iii only
D) i and iii
E) ii and iii
Correct Answer:
Verified
Correct Answer:
Verified
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