If the marginal revenue product of the fifth worker hired by a firm is 15 and the price of the last unit of output produced is 5, then the marginal product of the fifth worker is
a. 15 units of output if the product market is perfectly competitive
b. 3 units of output if the product market is perfectly competitive
c. 45 units of output if the product market is perfectly competitive
d. 5 units of output if the product producer is a price searcher
e. 15 units of output if the product producer is a price searcher
QUESTION 2Pollution taxes are paid out of the EPA Superfund in order to reduce automobile emissions.
a. True
b. False
QUESTION 3If the marginal revenue product of the fifth worker hired by a firm is 15 and the price of a unit of output is 5 regardless of how much is sold, then the marginal product of the fifth worker is
a. 15 units of output
b. 5 units of output
c. 3 units of output
d. 45 units of output
e. 75 units of output
QUESTION 4Most of the EPA Superfund expenditures have gone for court costs and legal fees.
a. True
b. False
QUESTION 5If the marginal product of the second worker hired by a firm is 14 units and the price of a unit of output is 7 regardless of the quantity of output sold, then the marginal revenue product of the second worker is
a. 98
b. 14
c. 7
d. 2
e. 21
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