Multiple Choice
Suppose a profit-maximizing firm hires labour in a competitive labour market. If the value of marginal product of labour is less than the wage rate, the firm should
A) increase the wage rate.
B) decrease the wage rate.
C) increase the quantity of labour it hires.
D) decrease the quantity of labour it hires.
E) shut down.
Correct Answer:
Verified
Correct Answer:
Verified
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