Question :
41) Refer to Table 13-3. The total revenue obtained if : 1384274
41) Refer to Table 13-3. The total revenue obtained if the 5th unit of the factor of production is hired is
A) $160.
B) $180.
C) $192.
D) $202.
E) $210.
42) Refer to Table 13-3. The total revenue obtained if the 7th unit of the factor of production is hired is
A) $160.
B) $180.
C) $192.
D) $202.
E) $210.
43) Refer to Table 13-3. The rise in total revenue generated by hiring the 4th unit of the factor of production is
A) $-11.00.
B) $2.00.
C) $3.67.
D) $7.50.
E) $28.00.
44) Refer to Table 13-3. The increase in total revenue generated by hiring the 5th unit of the factor of production is
A) -$11.00.
B) -$2.00.
C) $2.00.
D) $7.50.
E) $11.00.
45) Refer to Table 13-3. A profit-maximizing firm would never hire more than the ________ unit of this factor of production.
A) 3rd
B) 4th
C) 5th
D) 6th
E) 7th
46) Profit-maximizing firms increase production up to the point at which the last unit of the variable factor employed adds
A) nothing to marginal cost.
B) nothing to marginal revenue.
C) positive economic profits.
D) just as much to revenue as to profit.
E) just as much to revenue as to cost.
47) If a firm is a perfect competitor in its product market, the marginal product of a factor multiplied by the product’s price equals
A) marginal cost.
B) marginal profit.
C) total revenue.
D) marginal revenue.
E) marginal revenue product.
48) The marginal revenue product curve for a monopolist would be ________ its marginal product curve because ________.
A) steeper than; its MR decreases as output increases
B) steeper than; its product’s price increases as output increases
C) flatter than; it must pay a higher wage to labour
D) flatter than; its product’s price decreases as output increases
E) the same as; the MRP curve always has the same shape as the MP curve
49) The shape of the marginal revenue product curve for a perfectly competitive firm would be ________ its marginal product curve because ________.
A) the same as; MR is constant as output increases
B) steeper than; MR decreases as output increases
C) steeper than; its product’s price increases as output increases
D) flatter than; its product’s price decreases as output increases
E) flatter than; it must pay a higher wage to the variable factor as output increases
50) Which of the following is the best definition of the marginal revenue product (MRP) of a factor of production?
A) the average product of the factor multiplied by the price of the output
B) the change in revenue generated by the sale of the product produced by an additional unit of input
C) the change in revenue caused by the sale of an additional unit of output
D) the increase in output resulting from the use of an additional unit of the factor multiplied by the cost of that factor
E) marginal revenue multiplied by total product
