Suppose a Firm Is Operating in a Competitive Product Market

question 167

Multiple Choice

Suppose a firm is operating in a competitive product market with competitive factor markets.Further, assume labour is the firm's only factor of production.Which of the following conditions will ensure the firm is maximising profit? (Let P be the price of the good, MPL the marginal product of labour, W the wage rate, and MR the marginal revenue of the good.)

• A)P = W
• B)P x MPL = W
• C)MPL = W
• D)MR = P x MPL

Comprehend different theories of illness and their relevance to patient care.

Acknowledge the diversity of ethnic groups and their unique health care needs.

Understand the development and characteristics of culture and its impact on health care.

Recognize the significance of self-treatment in different cultures and the implications for nursing care.

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