Answer the question on the basis of the following output data for a rm. Assume that the amounts of all nonlabor resources are fixed. Number of Workers Units of Output Diminishing marginal returns become evident with the addition of the Multiple Choice 0 Sim worke r. O founh worker :3. third worker. 0 second worker. The question is based on the following tab-Fe. which provides information on the production ofa product that requires one variable input- Total Product With the addition ofthe seventh unit ofinput, the marginal product is Multiple Choice 0 3 and the average product is 58. 0 I13 and the average product is 8.29. O 3 and the average product is 8.29. O 8.29 and the average product is 3. Assume that the Shortrrun cost and demand data given in the tables below confront a monopolistic competitor selling a given product and engaged in a given amount of product promotion. Cost Data Demand Data Quantity Total Output Total Cost Demanded Price lfthe rm sells 5 units of output, marginal revenue will be Multiple Choice 0 $3_ 0 $12. 0 $140. 0 $50 Answer the question based on the demand and cost schedules for a monopolistically competitive rm given in the table below. Quantity Price Demanded Total Cost l[lutput -- \"\"I What output quantity will the monopolistically competitive firm produce to maximize prots? Multiple Choice Suppose that Joe sells pork in a purely competitive market. The market price of pork is $4 per pound. Joe's marginal revenue from selling the 21st pound of pork would be Multiple Choice OM. 0 $34, 0 El lbs. 0 $21. Output Total Cost $ 2,500 2,700 IN 3,100 3 3,706 4 4,500 5 6,000 The table shows the total costs for a purely competitive firm. If the product sells for $1,400 a unit, the firm's profit-maximizing output is Multiple Choice O 4 O 5. O 2. O 3.The total revenue of a purely competitive firm from selling 200 units of output is $1,000. Based on this information, the unit price of the output must be Multiple Choice O $5 O $1,200. O $200,000. O $800