The heart of job analysis is _____ data.
A. job content
B. job identification
C. employee knowledge and skills
D. tasks and experience
A. job content
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If a firm hires a worker by paying him a wage lower than his value of marginal product, ________
A) firing the worker will increase the firm's profits B) the firm is making an optimum decision C) the firm should hire more workers to increase profits D) profits of the firm are minimized
The figure above shows Sam's budget line. Which of the following would result in Sam's budget line rotating outward and not changing its horizontal intercept?
A) a fall in the price of a pound of coffee B) a rise in the price of a pound of coffee C) a fall in the price of a gallon of gasoline D) a rise in the price of a gallon of gasoline
A firm in a perfectly competitive market maximizes profits when it finds
A) the price at which total revenue minus total cost is the greatest. B) the quantity at which total revenue minus total cost is the greatest. C) the quantity at which total revenue equals total cost. D) the quantity at which total revenue is maximized.
For an efficient outcome, MR must exceed MC.
Answer the following statement true (T) or false (F)