Multiple Choice
In perfect competition, a firm interested in maximizing profits will hire workers up to the point at which:
A) the law of diminishing returns sets in.
B) the wage rate is equal to the marginal cost.
C) the wage rate is equal to the value of the marginal product.
D) the value of the marginal product starts to decline.
Correct Answer:
Verified
Correct Answer:
Verified
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