Multiple Choice
Suppose a competitive firm produces 100 units of X for a price of $10 a unit.The firm employs labor such that the marginal product of labor is 20.The wage paid for one unit of labor is $60.Given that capital is kept fixed,the firm _____.
A) is in equilibrium
B) is suffering an economic loss
C) should increase production
D) should reduce output
Correct Answer:
Verified
Correct Answer:
Verified
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