A firm faces the following relationship between the real wage it pays and the effort exerted by its workers. The marginal product of labor for this firm is given by MPN = E (100 - N)/9. How many workers will the firm employ?
A) 96
B) 92
C) 88
D) 80
A
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What are the major goals that unions may pursue in labor negotiations? Are these ever in conflict with one another?
What will be an ideal response?
An example of price discrimination is the price charged for:
A. an economics textbook at a campus bookstore. B. gasoline. C. a piece of art sold at an auction. D. a postage stamp.
A shortage exists
A) in equilibrium. B) when quantity supplied is greater than quantity demanded. C) when quantity supplied is less than quantity demanded. D) at the market clearing price.
Which is a feature of a purely competitive market?
A. Price differences between firms producing the same product B. Significant barriers to entry into the industry C. The industry's demand curve is perfectly elastic D. Products are standardized or homogeneous