Wages are comparatively low in markets where demand for labor is low and supply is high

The optimal number of workers to be hired by a firm operating in a competitive labor market is where:

a. P = MRP. b. MP = MRP. c. MRP = w. d. P = w. e. TWC = w.

Input choices in the present are often affected by past decisions

a. True b. False Indicate whether the statement is true or false