When the representative firm maximizes profits
A) production is at its maximum.
B) the slope of the production function is at its flattest.
C) labor costs are minimized.
D) the marginal product of labor equals the wage.
D
Economics
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Entitlements are government programs for which _____
a. funds are provided for those who meet the eligibility requirements b. funds are appropriated to an agency in one lump sum c. social services are provided d. b and c
Economics
Assume baseball player salaries are fully determined before the season starts. From the point of view of the baseball team owner, player salaries during the course of the season are then
A) variable costs. B) marginal costs. C) fixed costs. D) average costs.
Economics