Use the Following to Answer Questions

question 93

Multiple Choice

Use the following to answer questions:
Scenario: The Decision to Hire Labor
Assume that both the product market and the labor market are perfectly competitive. The price of this firm's product is $5. The firm's total product with respect to labor is given in the table that follows.
-(Scenario: The Decision to Hire Labor) Look at the scenario The Decision to Hire Labor. Holding everything else constant, if the demand for this firm's product decreases:

• A) its value of marginal product curve shifts to the right, and it will hire more workers.
• B) its value of marginal product curve shifts to the left, and it will hire more workers.
• C) its value of marginal product curve shifts to the left, and it will hire fewer workers.
• D) the firm will not change its hiring, since it is a perfectly competitive firm.

---

Definitions:

Bipedally

Walking on two feet as the primary form of locomotion, characteristic of humans and their ancestors.

Hominoids

A taxonomic group of primates that includes apes and humans, characterized by higher intelligence and more complex social structures compared to other primates.

Anthropoids

The suborder of primates that includes New World monkeys, Old World monkeys, and apes (including humans).

Taxonomically

Pertaining to taxonomy, the science of classification, especially in biology for the classification of organisms into a systematic framework such as kingdoms, phyla, and species based on shared characteristics and genetic heritage.