If Tie-Dyed T-Shirts is currently employing labor so that the wage is greater than the marginal revenue product of labor, it must also be true that
A. total revenues would be less than total costs.
B. the price of the product must be greater than marginal cost.
C. the price of the product must be less than marginal cost.
D. the wage is less than marginal cost.
Answer: C
You might also like to view...
A single-price monopolist will always produce where the elasticity of demand
A) is greater than 1. B) is smaller than 1. C) equals 1. D) equals infinity.
A nation benefits from international trade if it
a. exports more than it imports. b. imports more than it exports. c. imports goods for which it is a low opportunity cost producer. d. exports goods for which it is a low opportunity cost producer.
The sum of the components of aggregate expenditure that are not influenced by real gdp is called?
A) autonomous consumption. B) the MPC. C) autonomous expenditures. D) induced expenditures.
In the short run, a perfectly competitive firm will maximize profit by producing where: a. MC = MR
b. MC = ATC. c. ATC = MR. d. AVC = MC.