Refer to figure 11 1 diminishing marginal

55) Refer to Figure 11 - 1. Diminishing marginal productivity sets in after
A) the 2nd worker is hired. B) the 3rd worker is hired.
C) the 4th worker is hired. D) the 5th worker is hired.
Answer: A
55)
Diff: 2 Page Ref: 360 - 361/360 - 361
Topic: Diminishing Returns
Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor
supply and labor in factor markets
AACSB: Analytic Skills
56) Refer to Figure 11 - 1. In a diagram that shows the marginal product of labor on the vertical axis
and labor on the horizontal axis, the marginal product curve
56)
Diff: 3 Page Ref: 360 - 361/360 - 361
Topic: Marginal Product of Labor
Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor
supply and labor in factor markets
AACSB: Analytic Skills
57) If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal
product of 6 units, then the average product of 12 workers is
57)
Diff: 2 Page Ref: 361 - 362/361 - 362
Topic: Average Product of Labor
Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor
supply and labor in factor markets
AACSB: Analytic Skills
58) If another worker adds 9 units of output to a group of workers who had an average product of 7
units, then the average product of labor
58)
Diff: 2 Page Ref: 361 - 362/361 - 362
Topic: Average Product of Labor
Learning Outcome: Micro 17: Explain the effects of the factors of production, factor demand, and factor
supply and labor in factor markets
AACSB: Analytic Skills
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