A firm can maximize profit by hiring labor up to the point where
a. the marginal revenue product equals the wage rate
b. the marginal product equals marginal cost
c. total revenue equals total cost
d. the marginal revenue product equals marginal product
e. the marginal revenue product is zero
A
You might also like to view...
An antitrust agency is identifying the product market for Good X and determines that Good X and Good Y have a cross-price elasticity of 15.2. As a result of the cross-price elasticity, the antitrust agency is likely to ________ Good Y from Good X's product market as the products ________ compete as close substitutes.
A) exclude; do not B) exclude; do C) include; do not D) include; do
Using the information in the table shown, the rate of inflation from 2008 to 2009 was:
A. 12.5 %.
B. 11.1 %.
C. 13 %.
D. 17 %.
Which of the following is false? a. Generally speaking, higher levels of saving will lead to higher levels of investment and capital formation and, therefore, to greater economic growth. b. Economic growth rates tend to be higher in countries where the government enforces property rights
c. Investment alone does not guarantee economic growth, which hinges importantly on the quality and the type of investment as well. d. None of the above are false; all are true.
Perfect income equality means:
A. people earn different amounts based on what they do, but everyone in the same job earns the same amount. B. everyone earns the exact same amount. C. everyone enjoys exactly the same standard of living. D. everyone earns exactly what they're worth.