As a general rule, a profit-maximizing restaurant owner employs each factor of production up to the point at which the value of the marginal product of the unit of the factor employed is ________ that factor's price.
A) first; greater than
B) last; equal to
C) first; equal to
D) last; less than
Correct Answer:
Verified
Q4: The largest component of the factor distribution
Q18: In the United States in the early
Q19: Factor demand called derived demand because it:
A)requires
Q22: Which of the following statements is true?
A)The
Q24: Which of the following statements is true?
A)VMPL
Q26: Liyun owns a small flower shop and
Q27: Which of the following calculations is correct?
A.VMPL
Q32: The amount by which the use of
Q34: The marginal product times product price equals
Q40: The Bountiful Bakery is considering hiring another
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