FIGURE 7- 1 -Refer to Figure 7- 1. If the Firm Hires the Firm

question 55

Multiple Choice

FIGURE 7- 1
-Refer to Figure 7- 1. If the firm hires the 15th unit of labour,

• A) the extra output will be zero.
• B) average product will fall.
• C) marginal product will be unchanged.
• D) the firm will reach its capacity.
• E) both A and B are correct.

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Definitions:

Human Resource Practices

The strategies, practices, and processes used by an organization to manage its workforce.

Attracting

The process of drawing interest to a product, service, or entity, often involving marketing strategies or talent acquisition efforts.

Retaining

The act of holding back or keeping something in position, often used in the context of maintaining employees or resources.

Development and Training

Programs aimed at improving the efficiency and abilities of personnel in an organizational setting.