When is it not in the best interest of a company to hire additional workers in the short run?
A) when the average product of labor is decreasing
B) when the firm is in Stage II of the production process
C) when the marginal revenue product equals zero
D) when the wage rate is equal to or greater than labor's marginal revenue product
D
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How did the Troubled Asset Relief Program (TARP) help the banks in the U.S. during the financial crisis of 2007-2009?
What will be an ideal response?
Maximizing output by following the principle of comparative advantage requires
a. specialization only b. exchange only c. both specialization and exchange d. neither specialization nor exchange e. either specialization or exchange, but not both
A profit-maximizing monopolist will never produce on the elastic segment of its demand curve
Indicate whether the statement is true or false
Capital and labor can be ___________ or ___________ factors of production.
Fill in the blank(s) with the appropriate word(s).