A Firm Is Hiring Resources X, Y, and Z in the Profit-Maximizing

question 358

Multiple Choice

A firm is hiring resources X, Y, and Z in the profit-maximizing amounts when

• A)MRP x/ Pₓ equals MRP y/ Pᵧ equals MRP z/ P_z equals 1.
• B)the sum of the MRPs of the three resources is at a minimum.
• C)the marginal revenue productivity of all three resources is the same.
• D)the marginal revenue product of the last dollar spent on each of the three resources is the same.

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Definitions:

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The set of regulations and agreements that form the legal basis of transactions or user agreements.

Audit Trail

A record that traces the detailed transactions and operations that affect a particular operation or event, widely used for verification and accounting purposes.

Severe Consequences

Significant negative outcomes or effects that result from a particular action or decision.

Organizational Objectives

Specific goals that a company or institution aims to achieve, which guide its operations and strategic planning.