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.

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Definitions:

Culture

The shared values, traditions, norms, customs, arts, history, folklore, and institutions of a group of people that are passed through generations.

Freudian Slips

Unintentional errors in speech or memory believed to reveal subconscious thoughts or desires, according to Freudian psychoanalytic theory.

Expressive Behavior

Actions or emotional expressions that convey an individual's feelings or emotional state to others.

Cognitive Neuroscience

An academic field concerned with the scientific study of biological processes and aspects that underlie cognition, with a focus on the neural connections in the brain.