For a firm in a perfectly competitive labor market
A. W > MFC.
B. W = MFC.
C. W < MFC.
D. W > MRP.
Answer: B
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What reasons can you suggest for arguing that the federal government, unlike individuals, need never run a surplus budget?
A good is most likely to be inefficiently priced if
a. some of the resources used in its production are scarce. b. the good is private property. c. some of the resources used in its production are free. d. a corporation produces the good.
In assessing the difference between monopoly performance and that of perfect competition, the best approach is to
a. measure the output of the monopolist and the output of the perfectly competitive firm. b. measure the output of the monopolist and the output of the perfectly competitive industry. c. measure the output purchased by consumers from the monopolist and from the perfectly competitive firm. d. calculate the marginal cost of the monopolist and of the perfectly competitive firm.
Which occupation made the highest average hourly wage in the United States in March of 2012?
a. production b. education c. management d. art, design and entertainment