Asked by
Stefanic Livinalli
on Dec 17, 2024
Verified
Refer to Figure 18-3. Suppose the marginal product of the fifth unit of labor is 30 units of output per day. The figure implies that the
A) price of output is $4.
B) price of output is $6.
C) price of output is $8.
D) daily wage is $120.
Price of Output
The selling price for goods or services produced by a firm or industry.
Daily Wage
The amount of money that a worker earns for one day of work.
- Gain insight into the link between output price and the value of labor's marginal product.
Verified Answer
JS
Learning Objectives
- Gain insight into the link between output price and the value of labor's marginal product.