Table 1 Number of Workers Total Output Marginal Product 0 1 30 145 60 14 ISO Is 40 What is total output with 2 workers? a. 120 6.75 6.15 d. 45 QUESTION 2 Table 1 Number of Workers Total Output Marginal Product 10 1 30 145 2 160 4 150 40 What is total output with 1 worker? a. 10 b.45 C.75 0.30 QUESTION 4 b All firms have the same cost curves in perfectly competitive markets. The long-run market supply curve in these markets then is horizontal and equal to the minimum of long-run average cost for each firm. must slope downward c. must slope upward d.is horizontal and equal to the minimum of long-run marginal cost for each firm. QUESTION 5 a Suppose that in a competitive market the equilibrium price is $1.50. What is marginal revenue for the last unit sold by the typical firm in this market? exactly $1.50 b more than $1.50 c. exactly $2.50 less than $1.50