Assuming a Competitive Resource Market, a Firm Is Hiring Resources

question 313

Multiple Choice

Assuming a competitive resource market, a firm is hiring resources in the profit-maximizing amounts when the

• A)firm's total outlay on resources is minimized.
• B)marginal revenue product of each resource is equal to its price.
• C)price of each resource employed is the same.
• D)marginal revenue product of the last unit of each resource hired is the same.

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Definitions:

Illegal Drugs

Substances whose manufacture, possession, or use is prohibited by law.

Law Enforcement

Law enforcement refers to the agencies and officers responsible for enforcing laws, maintaining public order, and providing public safety.

Indictment

A formal charge or accusation of a serious crime, issued by a grand jury.

Grand Jury

A group of citizens called to decide whether probable cause exists to believe that a suspect committed the crime with which he or she has been charged and thus should stand trial.