Which of the following represents the general rule of hiring for a firm?
A) Total physical product equals marginal factor cost.
B) Average revenue product equals the wage rate.
C) Marginal cost equals marginal revenue.
D) Marginal revenue product equals marginal factor cost.
D
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Refer to Table 2-4. Dina faces ________ opportunity costs in the production of sliders and hot wings
A) constant B) decreasing C) increasing D) negative
How can one tell from cross elasticity what kind of relationship exists between any two goods?
What will be an ideal response?
The classical economists
A. believed that supply creates its own demand. B. believed that any money saved will be invested. C. believed that the economy was always tending toward full employment. D. All of the statements are true of classical economists.
For a firm, marginal revenue minus marginal cost is equal to
a. profit. b. average total cost. c. change in profit. d. change in average revenue.