A firm finds that it must increase wages to attract extra workers. The firm will hire labor up to the point where the marginal:
A. Product of labor equals the wage rate
B. Revenue product of labor is greater than the wage rate
C. Revenue product of labor starts to decline
D. Revenue product equals the additional cost of hiring an extra worker
D. Revenue product equals the additional cost of hiring an extra worker
Economics
You might also like to view...
In the United States, health care spending on people ________ is six times greater than on people ________
A) under age 3; over age 65 B) over age 65; aged 18 to 24 C) aged 18 to 24; 25 to 44 D) over age 65; aged 25 to 44
Economics
The theory of consumer choice is representative of how consumers make decisions but is not intended to be a literal account of the process
a. True b. False Indicate whether the statement is true or false
Economics