A Competitive, Profit-Maximizing Firm Should Hire Workers Up to the Point

question 43

Multiple Choice

A competitive, profit-maximizing firm should hire workers up to the point where the

• A) wage, the rental price of capital, and the rental price of land are all equal.
• B) marginal product of labour equals zero and the production function is maximized.
• C) value of the marginal product of labour equals the wage.
• D) marginal product of labour equals the wage.

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Definitions:

Cultural Feature

Characteristics that define a group's shared behaviors, beliefs, practices, and artifacts.

Particular Group

A specific set of individuals identified by certain common characteristics or interests.

Grand Apartheid

A phase of South Africa's apartheid policy focusing on maintaining white dominance and segregating communities by race on a large scale.

Informal Racism

Subtle, often unspoken or unrecognized prejudices and discriminatory practices that exist within society without formal acknowledgement.