If the value of the marginal product of labor is less than the wage, then the firm could

a. increase profit by hiring additional labor.
b. increase profit by reducing the amount of labor hired.
c. increase revenue by lowering output.
d. reduce total cost by hiring additional workers.


b

Economics

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________ is the difference between the willingness to pay and the price paid for a good

A) Producer surplus B) Consumer surplus C) Seller's profit D) Revenue

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If countries have similar factor endowments and productivities, what type of trade are they most likely to have?

What will be an ideal response?

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