The Optimal Number of Workers for a Perfectly Competitive Firm

question 52

Multiple Choice

The optimal number of workers for a perfectly competitive firm to hire occurs when

• A) total labour cost equals total revenue.
• B) the lowest possible wage is accepted by workers.
• C) the wage rate equals the marginal product of the last worker.
• D) the wage rate equals the value of marginal product of the last worker.
• E) the largest output is achieved.

Critically analyze the use of surveys for gathering data.

Understand the basic concepts and types of statistics in research.

Recognize the limitations of descriptive/correlational research in establishing causality.

Understand measures of central tendency and variability.

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