A profit maximizing price taker will produce at a level where
a. the wage equals the marginal product of labor.
b. the marginal revenue product of labor equals the price of their output.
c. the wage rate equals the price of their output.
d. the marginal revenue product of labor equals the wage rate.
d. the marginal revenue product of labor equals the wage rate.
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What do Fannie Mae and Freddie Mac have in common?
A) They are both investment banks. B) Both firms issue bonds on behalf of the government. C) Both firms went out of business in the 2008 financial crisis. D) They are both pension funds. E) They are both government-sponsored mortgage lenders.
Since 1950, the balance of trade for United States has
A) gone from a surplus to a deficit. B) gone from a deficit to a surplus. C) remained constant. D) gone from a small deficit to a larger deficit.
A cartel is
A. a group of consumers that bid against each other for the same product. B. an arbitrator to settle disputes between consumers and producers. C. a government agency that regulates markets. D. a group of producers that agree to set common prices and output quotas.
The output of U.S. citizens who work in Canada would be included in the
A) gross domestic product of Canada. B) gross national product of Canada. C) gross domestic product of the United States. D) gross national product of Canada and the gross national product of the United States.