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Author Question: The law of ________ explains why a marginal revenue product schedule eventually declines. (Read 47 times)

Capo

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on: Apr 19, 2019

Question 1

A wheat farmer sells wheat in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of wheat is $2 a bushel, the wage rate is $10, and the farmer employs five workers. If the farmer is maximizing his profits, then the marginal product of the fifth worker is ________.


◦ 0.2 bushels
◦ 5 bushels
◦ 20 bushels
◦ indeterminate from the given information

Question 2

The law of ________ explains why a marginal revenue product schedule eventually declines.


◦ diminishing marginal opportunity costs
◦ increasing marginal returns
◦ increasing marginal opportunity costs
◦ diminishing marginal returns
Principles of Economics ¦ Case, Fair, Oster ¦ 12th Edition
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Marked as best answer by Capo on Apr 19, 2019

gcook

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Reply #1 on: Apr 19, 2019
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Capo

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Reply 2 on: Apr 19, 2019
YES! Correct, THANKS for helping me on my review

Dnite

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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