A perfectly competitive firm will hire workers up to the quantity at which the wage rate equals the
A) marginal revenue product of labor.
B) marginal factor cost of labor.
C) price of the extra output produced.
D) average physical product of labor.
Answer: A
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Suppose that the price index in 1999 was 170 and your salary was $44,000. Suppose in 2016 the consumer price index will be 290. What salary will you have to earn in 2016 in order to equal your 1999 real income?
A) $66,000 B) $77,647 C) $75,059 D) $83,209
If a country produces only two goods, it is possible to have a comparative advantage in the production of both those goods
Indicate whether the statement is true or false
There was hyperinflation during the
a. period 1880-1896 in the United States. b. 1970s in the United States. c. early part of the current century in Zimbabwe. d. All of the above are correct.
Steve sells hotdogs from a vending cart downtown. The table above shows his total revenue per day at four different prices. Between which two prices is the demand for hotdogs
a) elastic? b) unit elastic? c) inelastic?