Graphically, a firm determines the optimal amount of labor to hire in its production at:
a. the point of intersection of the marginal product of labor curve and the market wage rate.
b. the point of interception of the marginal revenue product curve and the horizontal axis.
c. the point of intersection of the marginal revenue product curve and the market wage rate.
d. the point of interception of the market wage rate and the vertical axis.
c
You might also like to view...
Use the following table to answer the next question.YearReal GDPPopulation2008$20,000200200940,000400201060,000400201170,000500In 2011 real GDP per capita equals ________.
A. $140 B. $7,000 C. $100 D. $70,000
Applying Coase's theorem, if the cost to you from having the airplane seat in front of you reclined is ________ the benefit to the reclining passenger, you should ________
A) greater than; request a payment from the reclining passenger B) less than; request a payment from the reclining passenger C) greater than; make a payment to the reclining passenger D) less than; make a payment to the reclining passenger
In monopolistic competition there is/are
A) only one seller who faces a downward-sloping demand curve. B) many sellers who each face a perfectly elastic demand curve. C) a few sellers who each face a downward-sloping demand curve. D) many sellers who each face a downward-sloping demand curve.
When the Fed raises the discount rate, it
a. lowers the cost of borrowing from the Fed, allowing banks to make more loans b. raises the cost of borrowing from the Fed, disallowing banks from making the same quantity of loans c. increases the amount of excess reserves that banks hold, allowing them to make more loans d. increases the amount of excess reserves that banks hold, disallowing them from making the same quantity of loans e. decreases the amount of excess reserves that banks hold, disallowing them from making the same quantity of loans