Multiple Choice
A competitive firm sells its output for $60 per unit. Assume that labor is the only input that varies for the firm. The marginal product of the 10th worker is 20 units of output per day; the marginal product of the 11th worker is 16 units of output per day. The firm pays its workers a wage of $150 per day. For the 11th worker, the value of the marginal product of labor is
A) $480.
B) $960.
C) $1,200.
D) $2,400.
Correct Answer:
Verified
Correct Answer:
Verified
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