For a profit-maximizing, competitive firm, the value of the marginal product of labor
a. increases when the price of output decreases.
b. is the firm's demand for labor.
c. equals the marginal product of labor divided by the wage rate.
d. All of the above are correct.
b
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The health care system in the United Kingdom is often referred to as ________, under which the government owns most of the hospitals and employs most of the doctors
A) a single-payer system B) a universal health insurance system C) socialized medicine D) a private health care system
Refer to Figure 9.9. Now suppose an import quota of 3000 trucks is imposed. The quota will decrease the revenue of foreign firms by
A) $0. B) $2,500. C) $7,500,000. D) $11,250,000. E) $13,125,000.
All of the following are true regarding transfer prices except which one?
A) The transfer price is the internal firm price on an input that input-producing division charges the input-using division. B) The transfer price is the internal firm price on an input that input-using division charges the input-producing division. C) Law in many nations state that a transfer price must equal the price charged to an independent customer. D) Transfer prices can affect the taxes a firm must pay.
Some nations such as Ecuador chose dollarization because:
a. the currency was depreciating so rapidly it became nearly worthless. b. Ecuadorians wanted to save dollars for eventual emigration to the U.S. c. the Ecuadorian currency was backed by gold,which was confiscated by government officials. d. All of these are reasons why such countries chose dollarization.