Multiple Choice
A wheat farmer sells wheat in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of wheat is $2 a bushel, the wage rate is $10, and the farmer employs five workers. If the farmer is maximizing his profits, then the marginal product of the fifth worker is
A) 0.2 bushels.
B) 5 bushels.
C) 20 bushels.
D) indeterminate from the given information
Correct Answer:
Verified
Correct Answer:
Verified
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