If the Value of Marginal Product of the Last Worker

question 115

Multiple Choice

If the value of marginal product of the last worker hired is $24 and the wage rate is $25, then

• A) more workers should be hired.
• B) the worker should be fired.
• C) the firm has hired the profit maximizing number of workers.
• D) the firm is earning $1 of profit from this worker.

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Definitions:

Pediatrician

A medical doctor specializing in the care and treatment of children's diseases and health issues, from infancy through adolescence.

Neural Connections

The links between neurons in the brain that enable communication and the transmission of information.

Plasticity

The brain’s ability to change, especially during childhood, by reorganizing after damage or by building new pathways based on experience.

Experience

Refers to the knowledge or skill that one gains over time through involvement in or exposure to activities.