The figure below shows output of a firm at different number of workers. Payment to workers is the only variable cost of the firm.

-Refer to the figure above.If the price of the output is $5.00 per unit and the wage is $30 per worker,the firm's optimal choice in the short run is to hire ________ workers.
A) 3
B) 4
C) 5
D) 6
Correct Answer:
Verified
Q22: The following figure depicts the labor markets
Q23: The negative slope of the labor demand
Q24: The value of the marginal product of
Q25: If the market for labor is perfectly
Q26: If the marginal product of a worker
Q28: The decision rule for a profit-maximizing firm
Q29: Suppose the market wage facing a firm
Q30: The following figure depicts the labor markets
Q31: Suppose a firm sells its product in
Q32: The value of the marginal product of
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