Suppose MP = 10/L. If the firm sells its output in a competitive market at a price of $8, how much labour will the firm hire if the wage rate is $5 per unit of labour?
A) 4
B) 6
C) 2
D) 10
Correct Answer:
Verified
Q45: A firm which is a competitor in
Q46: The marginal revenue product of labour in
Q47: Unlike a competitive buyer:
A)a monopsonist pays a
Q48: The firm's labour demand curve is given
Q49: If leisure is a normal good and
Q51: If a resource is exhaustible, its supply
Q52: An increase in one's non- labour income:
A)shifts
Q53: Monopsony in an input market is a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents