Multiple Choice
In a perfectly competitive market,it pays the profit-maximizing firm to employ another unit of an input as long as the
A) price of the input is less than the price of the product produced.
B) price of the input exceeds the price of the product produced.
C) marginal product of the input exceeds the price of the product.
D) value of the marginal product of the input exceeds the product's price.
E) increase in the firm's costs are less than the price of the output times the increase in total product.
Correct Answer:
Verified
Correct Answer:
Verified
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