Multiple Choice
If both the goods and the labor market are perfectly competitive,a firm hires labor up to the point where the value of the marginal product of labor equals the wage rate and produces at a point where price is ________.
A) equal to average cost
B) equal to marginal cost
C) less than marginal cost
D) higher than marginal cost
Correct Answer:
Verified
Correct Answer:
Verified
Q121: The figure below shows output of a
Q122: Scenario: This problem applies the principle of
Q123: Refer to the scenario above.Trevor argues that
Q124: The following table shows the output of
Q125: Since 1967,there has not been much of
Q127: Suppose a firm uses land,labor,and capital for
Q128: Labor demand is described as a derived
Q129: The market supply curve of labor in
Q130: Scenario: Consider a firm that produces and
Q131: Meryl works 10 hours a day in