A profit-maximizing firm hires labor until
a. the price of output equals the price of labor.
b. the price of output equals the marginal product of labor
c. the real wage equals the marginal product of labor.
d. the real wage equals the marginal product of labor multiplied by the price of output.
C
Economics
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Since the 1960s, the share of the labor force that is unionized in the United States has
A) increased except for the government sector. B) increased. C) declined. D) declined except in the private sector.
Economics
A competitive firm currently produces and sells 7,500 units of output at a price of $2.50 per unit. The firm's average fixed cost is $0.75 and its average total cost is $2.80 . In the short run, should the firm continue to operate?
Economics