Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that when the firm hires 4 workers, the firm produces 50 units of output. If the fixed cost of production is $4, the variable cost per unit of labor is $20, and the marginal product of labor for the fifth unit of labor is 2,

The demand for a good or service is called a derived demand because it is derived from the demand for the factors of production that produce this good or service

Indicate whether the statement is true or false

While top level executives and the board of directors have wide-ranging discretion on leadership issues, most middle level managers recognize that they must exercise leadership:

A. within the existing architecture. B. only when told to by the senior management. C. when the company decides to sell its overseas unit. D. only when the company decides to integrate upward.