The General Rule for Hiring Any Input (Say, Labor) in the Profit-Maximizing

Multiple Choice

The general rule for hiring any input (say, labor) in the profit-maximizing amount is MRC = MRP. This rule takes the special form W = MRP (where W is the wage rate) when the

A) labor supply curve is upsloping.
B) supply of labor is inelastic.
C) firm is hiring labor under purely competitive conditions.
D) firm is hiring labor under imperfectly competitive conditions.