If a Firm Wants to Maximize Profits It Should

question 39

Multiple Choice

If a firm wants to maximize profits it should

• A) hire lots of capital and very little labor since labor needs to be trained.
• B) hire unskilled labor rather than skilled labor since unskilled labor is cheaper.
• C) equate the marginal physical product for each input to the price of the input.
• D) equate the marginal revenue product for each input to the price of the input.

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Definitions:

Task Groups

Teams assembled with the specific purpose of achieving a certain task, project, or objective, often characterized by focused planning and action.

Early Development

Refers to the initial stages of growth and formation in both humans and animals, focusing on physical, cognitive, and emotional development.

Group's Goals

Collective objectives or aims that members of a group strive to achieve together.

Conflict

A struggle or disagreement between opposing parties or ideas, which can occur at personal, societal, or international levels.