Use the data in the tables to answer the question that follows. Market Price of Output Quantity Supplied of Output Quantity Demanded of Output $5 25,000 60,000 $10 50,000 50,000 $15 75,000 40,000 $20 100,000 30,000 $25 125,000 20,000 Firm Quantity of Labor Total Product 0 0 15 105 30 190 45 265 60 325 What is the marginal revenue product of the 45th unit of labor, assuming this market is perfectly competitive in both the factor and output markets? A-$30. B-$50. C-$63. D-$100. E-$2,650

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Chapter1: Making Economics Decisions
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Use the data in the tables to answer the question that follows.

                    Market

 Price of Output Quantity Supplied of Output Quantity Demanded of Output
   $5    25,000     60,000
   $10   50,000    50,000
   $15   75,000     40,000
  $20    100,000    30,000
  $25    125,000   20,000

 

                                   Firm

   Quantity of Labor   Total Product
    0     0
   15   105
   30   190
  45   265
   60   325

What is the marginal revenue product of the 45th unit of labor, assuming this market is perfectly competitive in both the factor and output markets?

A-$30.   B-$50.    C-$63.   D-$100.   E-$2,650

 

(2) The marginal benefit to suppliers will be less than the marginal cost to the single buyer. This describes

A-perfect competition.   B-monopolistic competition.   C-an oligopoly.  D-a monopoly

E-a monopsony

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