Suppose that the MRPL for a competitive firm is currently $50 and the hourly cost of labour is $40.Which of the following is the correct action for the firm?
A) Since the firm must be profitable,it need not do anything.
B) The firm should hire more labour.
C) The firm should substitute labour for capital.
D) The firm should raise the wage rate of its labour.
Correct Answer:
Verified
Q80: What is the most likely effect of
Q81: What is a common property resource?
A)Any natural
Q82: All of the following statements,except one,are correct
Q83: The world's supply of oil is:
A)Perfectly inelastic
Q84: If most people's desire for leisure increases,which
Q86: Table 12.3,which is data for the firm
Q87: Table 12.3,which is data for the firm
Q88: All of the following statements,except one,concerning the
Q89: Which of the following best illustrates the
Q90: The argument that technological change creates jobs
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