The profit-maximizing rule for a firm hiring both labor (L) and capital (C) under conditions of imperfect competition is:
A. MPL/PL = MPC/PC
B. MPL/MPC = MRCC/MRPL
C. MRPL/MRCL = MRPC/MRCC = 1
D. MRCL/MPL = MRCC/MPC = 1
C. MRPL/MRCL = MRPC/MRCC = 1
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If a manager's expected marginal cost exceeds their expected marginal revenue, which of the following is true?
A) The manager is maximizing expected profit. B) To maximize expected profit, the manager should increase production. C) The expected profit from producing another unit is negative. D) The expected profit from producing another unit is positive.
Which of the following is NOT a true statement about the Lorenz curve?
A) The Lorenz curve includes both money income and income in kind. B) The Lorenz curve does not include unreported income obtained from the underground economy. C) The Lorenz curve does not consider different sizes of households. D) The Lorenz curve does not consider age differences among wage earners.
A rise in price almost always:
a. leads to an increase in the quantity supplied of that good or service. b. leads to a decrease in the quantity supplied of that good or service. c. has no effect on the quantity supplied of that good or service. d. leads to an increase in the quantity demanded of that good or service.
Why are most endangered species belong to common property?
What will be an ideal response?