A profit-maximizing firm hires labor until
a. the price of output equals the price of labor.
b. the price of output equals the marginal product of labor
c. the real wage equals the marginal product of labor.
d. the real wage equals the marginal product of labor multiplied by the price of output.
C
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A major tax overhaul is more likely to be in the public interest that a small tax reform
a. True b. False
The concept that producing goods and services generates the means and the willingness to purchase other goods and services is
A) the Keynesian approach. B) money illusion. C) Say's law. D) cost-push inflation.
Which of the following is a violation of the antitrust laws?
a. A firm discussing/fixing price with its competitors b. Making arrangements to stay out each other's markets c. Merging with the competitor to eliminate competition d. All of the above are violations
Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $7. What will be the value of total revenue when quantity sold equals 2?
A. $7 B. $16 C. $21 D. $14