Suppose That a Competitive Firm Hires Labor Up to the Point

question 439

Multiple Choice

Suppose that a competitive firm hires labor up to the point at which the value of the marginal product equals the wage and that labor is the only input that varies for the firm.If the firm pays a wage of $700 per week and the marginal product of labor equals 20 units per week,then the marginal cost of producing an additional unit of output is

• A) $35.
• B) $70.
• C) $700.
• D) We do not have enough information to answer this question.

Understand the elements of a well-written training objective.

Recognize the importance of a comprehensive request for proposal (RFP) in identifying training needs.

Comprehend Gagné's theory on task analysis and its application in training.

Identify the effects of attentional advice on skill-based learning.

---

Definitions:

Hypothesis

A proposed explanation for a phenomenon, made as a starting point for further investigation.

Theory

A system of ideas or principles intended to explain certain phenomena or observations, grounded in evidence and subject to testing.

Positively Correlated

A connection between two factors in which a rise in one is connected to a rise in the other.

Cause-effect Relationship

A connection between two events where one (the cause) directly results in the other (the effect).