Which of the Following Statements Is Correct

question 96

Multiple Choice

Which of the following statements is correct?

• A)The value of the marginal product curve is the labor demand curve for competitive, profit-maximizing firms.
• B)A competitive, profit-maximizing firm hires workers up to the point where the value of the marginal product of labor equals the wage.
• C)By hiring labor up to the point where the value of the marginal product of labor equals the wage, the firm is producing where price equals marginal cost.
• D)All of the above are correct.

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Definitions:

Frontier Thesis

A theory proposed by historian Frederick Jackson Turner which argues that the American character and society have been shaped by the challenges and opportunities of the frontier.

American Character

American character refers to the traits, attitudes, and cultural attributes commonly associated with the American people and their society.

Continental Frontier

Refers to the outward expansion of European-American settlements across the North American continent, pushing the frontier westward from the 17th to the 19th centuries.

Cuban Revolution

A significant armed rebellion that led to the overthrow of Cuban dictator Fulgencio Batista in 1959 and the rise of Fidel Castro's governance.