The Rule for Maximizing Profit Is to Hire Labor Up

question 65

Multiple Choice

The rule for maximizing profit is to hire labor up to the point at which the value of marginal product

• A) equals the wage rate.
• B) is greater than the wage rate.
• C) is less than the wage rate.
• D) is a mirror image of the wage rate.
• E) equals the price of the product produced.

---

Definitions:

Reasonable Care

The degree of caution and concern an ordinarily prudent and rational person would use in similar circumstances.

Conditional Privilege

A special right, immunity, permission, or benefit given to certain individuals that allows them to make any statements about someone without being held liable for defamation for any false statement made without actual malice.

Defamation

A wrongful act of communicating false statements about a person that injure the person's reputation or good name.

Actual Malice

In defamation, either a person's knowledge that his or her statement or published material is false or the person's reckless disregard for whether it is false.