Which of these is the key assumption of the Classical school of economic thought?
a. An economy is self-adjusting in nature
b. Wages and prices are sticky downward.
c. Economic agents are rational in behavior.
d. Labor is the source of wealth in an economy.
a
Economics
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Refer to Table 17-2. What is the profit-maximizing quantity of labor that the firm should hire?
A) 5 units B) 4 units C) 3 units D) 2 units
Economics
Suppose at the current level of labor used, MRP = $100 and MFC = $150. To maximize profits, the firm should
A) hire more labor. B) reduce the level of labor. C) maintain the current level of labor. D) expand production.
Economics