Which of the following is true at the level of output at which a competitive firm maximizes profit?
a. price = marginal cost
b. price = wage/value of marginal product of labor
c. price = marginal product of labor/wage
d. All of the above are correct.
a
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Refer to the scenario above. Based on the given information, we can conclude that the market for used cars has ________
A) information asymmetry B) a perfectly competitive structure C) positive externalities D) negative externalities
Other things the same, if participants in foreign exchange markets come to expect an increase in the value of the U.S. dollar ________
A) the actual value of the U.S. dollar will not be affected B) the actual value of the U.S. dollar will fall C) the actual value of the U.S. dollar will rise D) one cannot predict the movement of the U.S. dollar in the future
A bond is
A) a legal claim to a part of a corporation's future profits that includes voting rights. B) a legal claim to a part of a corporation's future profits that does not include voting rights. C) a legal claim against a firm, providing a fixed annual coupon payment and a lump-sum payment at maturity. D) a nonlegal promise to provide an annual payment to the holder when the corporation makes profits.
A movement along a demand curve is called a change in:
a. income. b. quantity demanded. c. demand. d. tastes. e. population.