Multiple Choice
Which rule does the United Corporation use when maximizing profit?
A) Employ all resources until the value of their marginal products is equal.
B) If the value of the marginal product of labor exceeds the wage rate, hire fewer workers.
C) Hire labor up to point at which the value of marginal product of labor equals the wage rate.
D) Reduce the wage rate until it equals the marginal product of labor.
E) Hire labor up to point at which the value of marginal product of labor equals the price of the good or service the labor produces for United Corporation.
Correct Answer:
Verified
Correct Answer:
Verified
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