To Maximize Profits,a Firm Will Employ Workers Until for the Last

question 133

Multiple Choice

To maximize profits,a firm will employ workers until for the last worker employed:

• A)marginal product of labor is equal to the nominal wage rate.
• B)the value of the marginal product of labor is equal to the wage rate.
• C)the value of the marginal product of labor is equal to the price per unit of output.
• D)the value of the marginal product of labor is as high as possible.

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Definitions:

Decision-Making Process

A step-by-step approach to making choices among various alternatives, involving elements such as identifying a problem, evaluating options, and selecting a course of action.

Emergency Situation

Often involves an unusual event, can vary in nature, is unplanned and requires a quick response.

Bystander-Calculus Model

A theoretical model explaining the calculations individuals make before deciding to intervene or act in emergency situations.

Time and Effort

The amount of duration and physical or mental exertion invested into doing something.