In a perfectly competitive situation, the profit-maximizing hiring situation for all inputs being used is where
A) the MRP of each input is equal to the price of each input.
B) the MRP of each input is greater than the price of each input.
C) the MRP of each input is less than the price of each input.
D) There is no relationship between MRP and the prices of the inputs.
A
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Which of the following is NOT a factor that can cause wage inequality across workers producing the same good?
A) Differences in compensating wages B) Differences in productivity and human capital C) The nature and extent of discrimination in the job market D) The market price of the final good being produced by the workers
Government ownership of industries is quite uncommon
a. True b. False
Which of the following best describes disposable income?
a. Income after expenses and taxes b. Income after taxes c. Income after expenses d. Income after taxes and payroll deductions
In their 1994 book, The Bell Curve, Murray and Herrnstein presented evidence that IQ is an important determinant of economic success.
Answer the following statement true (T) or false (F)