When MFC = MRP, a firm in a competitive market will
A) stop hiring more workers.
B) hire more workers.
C) earn additional profits.
D) layoff workers.
Answer: A
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If MFC < MRPL, the firm should
A) hire more workers. B) lower wages. C) get rid of some capital. D) reduce the number of workers.
Explicit costs would include:
a. rent. b. the interest loss of the business owner on money withdrawn from his/her saving account and invested in the business. c. the loss of rent on a building the business owner owns and uses in his/her business. d. the opportunity costs of the business owner's time. e. the use of tools owned by the business owner and dedicated to the business.
Average revenue for a monopoly is the total revenue divided by the quantity produced
a. True b. False Indicate whether the statement is true or false
All of the following are surplus items in the balance of payments EXCEPT
A. purchases of foreign assets. B. foreign tourist expenditures. C. exports of merchandise. D. funds deposited in this country by foreign residents.