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Assuming a Competitive Resource Market, a Firm Is Hiring Resources

Question 313

Multiple Choice

Assuming a competitive resource market, a firm is hiring resources in the profit-maximizing amounts when the


A) firm's total outlay on resources is minimized.
B) marginal revenue product of each resource is equal to its price.
C) price of each resource employed is the same.
D) marginal revenue product of the last unit of each resource hired is the same.

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