Use the information given in the table below to answer the following question(s).Assume the firm hires labor competitively and sells its product in a competitive price-taker market at a price of $2 per unit.
Table 12-7

-Refer to Table 12-7.If the market wage rate rose to $7 per day,how many workers should the firm employ if it wants to maximize profits?
A)three
B)four
C)five
D)six

Question

Use the information given in the table below to answer the following question(s).Assume the firm hires labor competitively and sells its product in a competitive price-taker market at a price of $2 per unit.
Table 12-7
 
-Refer to Table 12-7.If the market wage rate rose to $7 per day,how many workers should the firm employ if it wants to maximize profits?
A)three 
B)four 
C)five 
D)six

Quizplus · Accepted Answer

The Answer of Use the information given in the table below to answer the following question(s).Assume the firm hires labor competitively and sells its product in a competitive price-taker market at a price of $2 per unit.
Table 12-7
 
-Refer to Table 12-7.If the market wage rate rose to $7 per day,how many workers should the firm employ if it wants to maximize profits?
A)three 
B)four 
C)five 
D)six

Use the Information Given in the Table Below to Answer