The product price is $10 per unit and the cost per worker is $540. How many workers will the firm employ?
A profit-maximizing firm operates in purely competitive product and resource markets, with the following resource and production schedules.
A. 4
B. 5
C. 6
D. 7
B. 5
Economics
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The law of diminishing returns refers to diminishing
A) total returns. B) marginal returns. C) average returns. D) all of these.
Economics
Inflation caused by an increase in aggregate spending is referred to as:
A. Cost-push inflation B. Anticipated inflation C. Demand-pull inflation D. Hyperinflation
Economics