If a Firm Finds That the Wage Rate (W) Is

question 364

Multiple Choice

If a firm finds that the wage rate (W) is less than the value of marginal product (VMP) , then to maximize its profit the firm should hire

• A) less labor, which will increase the VMP.
• B) more labor, which will decrease the VMP.
• C) no more or less labor, because profits are greatest when W < VMP.
• D) more labor, because hiring more labor will increase both W and VMP until they are equal.

Explore the relationship between socio-economic status and physical health/outcomes.

Examine the concepts of stratification and conflict as they relate to age and societal structures.

Understand the reasons behind the aging population in industrialized societies and its societal impact.

Recognize how beauty standards and body image perceptions vary across cultures and time.