José,a Corn Farmer Operating in a Perfectly Competitive Market,pays His

question 216

Multiple Choice

José,a corn farmer operating in a perfectly competitive market,pays his workers $8 an hour.At his current level of labor use,the marginal product of an additional hour of labor is three bushels of corn.The market price of corn is $2.75.To maximize his profits,Jose should:

• A)hire more labor.
• B)hire less labor.
• C)not change the amount of labor.
• D)This question cannot be answered without knowing the average product of labor.

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Definitions:

Individual Accountability

The principle that each person is responsible for their own actions and may be required to explain them when necessary.

Government Bureaucracy

Refers to the organization of government offices and entities that implement policies, rules, and regulations through structured procedures and formal divisions of responsibility.

Civil Service Protections

The legal and regulatory provisions that safeguard employees within the public sector, typically ensuring job security and fairness in hiring and promotions.

Representative Democracy

A system of government where citizens elect representatives to make decisions on their behalf.