A monopolist will hire workers up to the point at which the wage equals the marginal:
A. physical product of labor.
B. cost of labor.
C. physical product of labor times the price of output.
D. physical product of labor times marginal revenue.
Answer: D
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Scarcity affects only those who are in need
Indicate whether the statement is true or false
The above figure represents the market for professional minor-league baseball umpires
a) If umpires are offered $90 a game, what is the quantity of umpires supplied? b) If umpires are offered $90 a game, is there a surplus or shortage of games umpired? What does the shortage or surplus equal? c) What is the equilibrium wage rate and quantity of umpires?
An increase in investment causes the price level to ________ in the short run and ________ in the long run
A) decrease; increase B) increase; increase further C) increase; decrease D) decrease; decrease further
What is net marginal revenue?
A) The same as marginal profit. B) The additional revenue the firm earns from an extra unit of an internally produced intermediate input. C) The additional revenue the firm earns from producing one more unit of output. D) The additional revenue the firm earns from selling one more unit of output.