If the value of the marginal product of labor is less than the wage, then the firm could
a. increase profit by hiring additional labor.
b. increase profit by reducing the amount of labor hired.
c. increase revenue by lowering output.
d. reduce total cost by hiring additional workers.
b
Economics
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A British importer buying American wheat would pay for his purchases in __________.
Fill in the blank(s) with the appropriate word(s).
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A country will have a balance-of- payments deficit when its exchange rate:
A. equals the market equilibrium value. B. is undervalued. C. is overvalued. D. is flexible.
Economics