A perfectly competitive firm should hire an additional worker only if:
A) total revenue is less than total cost.
B) the worker's marginal revenue product is less than the wage rate.
C) the worker's marginal product falls.
D) the worker's marginal product rises.
E) the worker's marginal revenue product exceeds the wage rate.
Correct Answer:
Verified
Q1: The derived demand for a factor is
Q3: Suppose that a firm has the opportunity
Q4: Income refers to:
A)the flow of wages, interest
Q5: Since income depends on the price of
Q6: The marginal revenue product of input A:
A)the
Q7: If the price of wheat were to
Q8: The least-cost rule is that the ratio
Q9: The demand for corn land will be
Q10: The theory of income and wealth distribution
Q11: The marginal revenue product of an input
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