For firms in perfectly competitive labour markets the profit- maximising quantity of labour to employ is the level where:
A) marginal benefit is equal to marginal cost
B) marginal revenue is slightly higher than marginal cost
C) the marginal revenue product of labour is slightly higher than marginal cost
D) the marginal revenue product of labour is equal to the wage rate
Correct Answer:
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Q27: The formula for the marginal revenue product
Q28: A trade union's size and strength can
Q29: Which of the following is NOT a
Q30: If a union monopoly faces a monopsony
Q31: The marginal revenue product of labour is:
A)
Q33: A union may be in a stronger
Q34: The elasticity of demand for labour with
Q35: The demand for labour is less elastic
Q36: The elasticity of demand for labour with
Q37: By a labour market monopsonist we mean:
A)
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