If MRP > Price of the factor: firm should hire
A) less factors
B) more factors
C) the same factors
D) All of the above
Correct Answer:
Verified
Q6: Under perfect competition, demand for a factor
Q7: We should employ units of a factor
Q8: If marginal product of labour rises because
Q9: Increasing the minimum wage for workers will:
A)Sole
Q10: The price of capital is
A)money
B)Interest
C)profits
D)wages
Q12: If MRP = Price of the factor:
Q13: If MRP < P of the factor,
Q14: The labor market equilibrium determines the wage
Q15: Union leaders are in a worse position
Q16: The concept of social optimum was introduced
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