Multiple Choice
The following table shows the total output per hour produced in a factory at various levels of employment of labor. The firm sells each unit of output at $2 and each worker is paid a wage of $12.
Table 5-1
-Refer to Table 5-1. Diminishing returns occurs beyond:
A) 2 workers.
B) 3 workers.
C) 4 workers.
D) 5 workers.
E) 6 workers.
Correct Answer:

Verified
Correct Answer:
Verified
Q1: A firm produces according to the following
Q2: Carefully define marginal rate of technical substitution.
Q3: Standale Plastics produces plastic dustpans, using a
Q5: What does the law of diminishing marginal
Q6: The marginal revenue product of labor is
Q7: When a profit-maximizing firm undertakes production in
Q8: Dirt Diggers (DD) is a firm that
Q9: Will a profit-maximizing firm seek to maximize
Q10: The following table shows the total
Q11: If there is a change in input