The profit maximizing condition for a firm selling its output in a competitive market and buying its resources in a competitive market is
A) P = MC only.
B) MRP = wage only.
C) both A and B.
D) neither A nor B.
Correct Answer:
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Q1: Q6: If a firm buys its labor in Q7: A firm's demand for labor is downward Q9: Suppose the marginal product of labor equals Q9: Suppose a perfectly competitive firm's production function Q10: In a perfectly competitive resource market the Q11: If a firm buys its labor in Q15: In the short run,the competitive firm will Q17: Suppose the marginal product of labor equals Q20: If a firm is a price taker
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