One Reason That Firms Hire Labour at the Point Where

question 80

Multiple Choice

One reason that firms hire labour at the point where w = MPN is

• A)if w < MPN,the cost (w)of hiring additional workers exceeds the benefits (MPN)of hiring them,so they should hire fewer workers.
• B)if w > MPN,the cost (w)of hiring additional workers is less than the benefits (MPN)of hiring them,so they should hire more workers.
• C)if w < MPN,the cost (w)of hiring additional workers equals the benefits (MPN)of hiring them,so they have the right number of workers.
• D)if w > MPN,the cost (w)of hiring additional workers exceeds the benefits (MPN)of hiring them,so they should hire fewer workers.

Critically assess real-world applications of group decision-making and leadership strategies in organizations.

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Definitions:

Prices

The monetary value assigned to goods, services, or commodities, determining the amount a consumer pays to acquire them.

Intoxicant

A substance that causes excitement or diminished control over faculties, typically by means of alcohol or drugs.

Production Function

An equation representing the relationship between inputs used in production and the output produced from these inputs.

Labor

The physical and mental effort used in the production of goods and services, often considered a primary factor of production.