The competitive firm's profit-maximizing quantity of labor is the quantity where the:
A. quantity of the marginal product of labor is equal to the market wage.
B. value of the marginal product of labor is equal to the market wage.
C. quantity of the marginal product of labor is equal to zero.
D. value of the marginal product of labor is equal to the profit.
B. value of the marginal product of labor is equal to the market wage.
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Refer to Table 20-11. Suppose an economy has only three goods and the typical family purchases the amounts given in the table above. If 2011 is the base year, then what is the CPI for 2016?
A) 40.08 B) 100 C) 180 D) 208
If countries begin to specialize according to comparative advantage, a more efficient use of resources occurs. As a result, the world output of at least one good increases, with no decrease in the output of any other good
a. True b. False
Identify which of the following is not one of the five core principles of money and banking.
A. Stability creates risk B. Risk requires compensation C. Information is the basis for decisions D. Time has value
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.