A firm's shutdown point is the output and price at which the firm just covers its
A) total fixed cost.
B) total variable cost.
C) total cost.
D) marginal cost.
B
Economics
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A firm should hire more labor when the marginal revenue product of labor
A) equals the wage rate. B) exceeds the wage rate. C) is less than the wage rate. D) Any of these can be true. E) None of these are true.
Economics
In the diagram, total product will be at a maximum at:
A. Q 3 units of labor. B. Q 2 units of labor. C. Q 1 units of labor. D. some point that cannot be determined with the above information.
Economics