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

question 84

Multiple Choice

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

• A)marginal product equals zero.
• B)marginal revenue product equals zero.
• C)marginal product equals the wage.
• D)value of the marginal product equals the wage.

---

Definitions:

Product and Service Mix

The combination of products and services a company offers to meet the needs of its customers.

Facilities Locations

The process of deciding the geographical placement of operations, factories, or offices of a business.

New Technologies

Recent innovations in technology that create new opportunities for improvement and development in various fields, including business, medicine, and engineering.

Business Strategy

A plan of action designed to achieve a long-term or overall aim in the competitive business environment.