Assume that the going wage for a worker at a competitive firm is $50 a day. If the marginal revenue product for the sixth worker is $45 a day, the
A) sixth worker should be hired.
B) firm is maximizing its profits.
C) firm should hire fewer than six workers.
D) competitive firm can change the wage rate.
Correct Answer:
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Q83: (Table) Based on the table, the
Q84: (Figure: Market Wages and Labor Demand) Based
Q85: (Figure: Market Wages and Labor Demand) Based
Q86: (Figure: Market Wages and Labor Demand) Based
Q87: The main difference between marginal revenue product
Q89: Assume that the going wage for a
Q90: For a competitive industry
A) VMP = MRP.
B)
Q91: In imperfect labor markets
A) VMP = MRP.
B)
Q92: If a firm is operating in a
Q93: If the demand for a firm's product
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