A profit-maximizing firm will hire workers up to the point at which
A) MRP < MFC.
B) MRP = MFC.
C) MRP > MFC.
D) MRP = MPP.
B
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If faced with the same cost conditions as a perfectly competitive firm, a monopoly will
a. charge a lower price than the perfectly competitive firm. b. charge a higher price than the perfectly competitive firm. c. charge the same price as the perfectly competitive firm. d. refuse to operate in the short run unless an economic profit can be made.
A country has a population of 5 million. The labor force is 3.5 million, and the number of people not working but actively looking is 140,000. What is the unemployment rate?
a. 70% b. 140,000 c. 4% d. 2.8%
The study of an individual's choice about what type of computer to buy is a subject of
A. microeconomics. B. an aggregate concept. C. macroeconomics. D. not a concern for economic analysis.
Economists spend much of their time
A) describing how choices are made and analyzing the results of those choices. B) arguing that optimal decisions are rarely made at the margin. C) using normative analysis to develop economic models. D) telling businesses what goods and services to produce and how to produce them.