A Firm Has Hired the Profit-Maximizing Number of Workers When

question 37

Multiple Choice

A firm has hired the profit-maximizing number of workers when the wage is:

• A)less than the price of the product.
• B)greater than the average product of the last worker hired.
• C)equal to the average product of the last worker hired.
• D)equal to the value of the marginal product of labor of the last worker hired.

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Definitions:

Replicable Results

Results that can be consistently reproduced when an experiment or study is repeated under the same conditions.

Single-Subject

A research design focusing on the responses of one subject to document and analyze the effects of certain variables or interventions.

Operant Conditioning

A learning process in which the likelihood of a behavior's occurrence is increased or decreased through reinforcement or punishment, respectively, introduced by B.F. Skinner.

Deterministic

The philosophical view that all events, including moral choices, are completely determined by previously existing causes.