When a Competitive Firm Produces Output Up to the Point

question 332

Multiple Choice

When a competitive firm produces output up to the point at which the price is equal to marginal cost, it also hires labor up to the point at which the wage is equal to the

• A)marginal cost of labor.
• B)marginal profit of labor.
• C)marginal product of labor.
• D)value of the marginal product of labor.

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Definitions:

Human Resource Professional Association

An organization that represents HR professionals, offering them resources, tools, and opportunities for professional development and networking.

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The practice of basing decisions on analysis of data rather than intuition or personal experience.

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Gender Balance

The equal representation and participation of different genders in an organization, activity, or decision-making process.