The General Rule for Hiring Any Input (Say, Labor)in the Profit-Maximizing

question 69

Multiple Choice

The general rule for hiring any input (say, labor) in the profit-maximizing amount is MRC = MRP. This rule takes the special form W = MRP (where W is the wage rate) when the

• A)labor supply curve is upsloping.
• B)supply of labor is inelastic.
• C)firm is hiring labor under purely competitive conditions.
• D)firm is hiring labor under imperfectly competitive conditions.

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