MrShaw Has a Small Factory in Estevan,Saskatchewan

question 57

Multiple Choice

Mr.Shaw has a small factory in Estevan,Saskatchewan.He will continue hiring labour as long as the value of marginal product of labour ________ the wage rate.

• A)is greater than
• B)is less than
• C)is less than or equal to
• D)determines
• E)maximizes

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Definitions:

Law Of Large Numbers

A principle that describes the result of performing the same experiment a large number of times, indicating that the average of the results obtained will be close to the expected value, and will tend to become closer as more trials are performed.

Uncertain Situations

A condition where the outcomes or consequences of an event are not known or predictable.

Diversification

A strategy for managing risk that involves diversifying the portfolio by incorporating a broad array of investments.

Uncertain Situations

Scenarios in which outcomes or conditions are not known, predictable, or completely measurable, often affecting decision making.