To Answer the Question,refer to the Following Figure,showing the Marginal

question 65

Multiple Choice

To answer the question,refer to the following figure,showing the marginal revenue product (MRP) and the average revenue product (ARP) curves of a perfectly competitive firm hiring a single variable input,labor. If the wage is above $______,the firm will shut down and hire zero workers in the short run.

• A)$41
• B)$30
• C)$34
• D)$32

---

Definitions:

Chief Executive Officer

The highest-ranking executive in a company or organization, responsible for making major corporate decisions.

Great Recession

A significant decline in global economic activity that occurred from late 2007 through 2009, considered the most severe economic downturn since the Great Depression.

Social Security

A government program that provides financial assistance to people with an inadequate or no income, especially the elderly, disabled, and unemployed.

Partnership

A business firm owned by two or more people.