In exhibit 0-1, the marginal physical product of the third unit of labor

EXHIBIT 0-1 Labor Output 0 1 1 20 2 45 3 80 4 100 5 11028. In exhibit 0-1, the marginal physical product of the third unit of labor isa. 80b. 45c. 35d. 10029. In exhibit 0-1, the marginal physical product of the fourth laborer isa. 80b. 100c. 45d. 2030. In exhibit 0-1, diminishing returns set in when which worker is hired?a. 1stb. 2ndc. 3rdd. 4th31. In exhibit 0-1, if the product price is fixed at $5, the MRP of the fourth worker isa. $35b. $125c. $25d. $17532. In exhibit 0-1, if the product price is fixed at $5, the MRP of the fourth worker isa. $100b. $125c. $ 25d. $17533. In exhibit 0-1, if the product price is fixed at $8, the MRP of the second worker isa. $25b. $125c. $200d. $17534. In exhibit 0-1, if the product price is fixed at $8, the MRP of the third worker isa. $100b. $125c. $280d. $37535.Which of the following is always wrong, regardless of what other information may be given to you?a. Hiring a worker when her marginal physical product is decreasing.b. Hiring a worker when her marginal physical product is positive.c. Hiring a worker when her marginal physical product is increasing.d. Hiring a worker when her marginal physical product is negative.36. The monopolistic-competition solution approximates the perfect competition solution ina. the long-runb. the short-runc. in both long & short rund. in neither long nor short run37. Which of the following is not an entry barrier?a. patentb. exclusive ownership of a key factor (input)c. published financial statementsd. license38. they key outcome of the Oligopoly Kinked-demand model isa. price volatilityb. price stabilityc. output is less than monopolyd. collusion is difficult to preserve39. The unique feature of oligopoly isa. mutual interdependenceb. product heterogeneityc. long-run economic profitsd. long-run economic losses40. In the long-run, economics profits area. always zero in monopolistic competitionb. never zero in monopolyc. always positive in monopolyd. never negative in oligopoly

 

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