Labor is a firm's only variable input. The firm should hire additional units of labor as long as the wage is less than or equal to the marginal revenue product of that additional unit of labor.
Answer the following statement true (T) or false (F)
True
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NAFTA refers to a 1994 agreement that eliminated most tariffs among which countries?
A) the United States, Mexico, and Cuba B) the United States, the United Kingdom, and Mexico C) Canada, the United Kingdom, and Mexico D) the United States, Canada, and Mexico
Which of the following will cause the demand curve for a normal good to shift to the right?
a. a decrease in income b. an increase in the price of a complementary good c. a decrease in the price of the good d. an increase in the price of a substitute good e. an expectation of a future price decline
An economic forecast:
a. will always be true. b. is more reliable than a weather forecast. c. will never provide valuable information. d. should not be relied upon to predict economic events. e. is always based upon a Ceteris paribus condition.
Which of the following facilities give bank customers access to services over a much wider geographic area than any single bank's branches can cover?
a. Traveler's checks b. Saving account checks c. ATM networks d. Demand drafts e. Certificates of deposit