If the Value of the Marginal Product of Labor Is

question 384

Multiple Choice

If the value of the marginal product of labor is less than the wage, then the firm could

• A)increase profit by hiring additional labor.
• B)increase profit by reducing the amount of labor hired.
• C)increase revenue by lowering output.
• D)reduce total cost by hiring additional workers.

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Definitions:

Photosynthesis

How green plants and select organisms convert sunlight into nutrients using carbon dioxide and water.

Trophic Level

The position an organism occupies in a food chain or food web, categorized by how the organism obtains energy and nutrients, starting with producers at the base and various levels of consumers above.

Producers

Organisms in an ecosystem that convert energy from the sun or chemicals into food through photosynthesis or chemosynthesis.