For a Competitive Firm That Finds It Worthwhile to Operate

question 114

Multiple Choice

For a competitive firm that finds it worthwhile to operate rather than shut down,profit maximization requires that

• A)output price = marginal cost.
• B)wage = value of marginal product of labor.
• C)wage/marginal product of labor = P.
• D)All of the above are correct.

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Definitions:

Stimulus

An event or object that evokes a specific functional reaction in an organ or tissue.

Formal Operational Thought

A stage in Piaget's cognitive development theory (beginning around age 12) where individuals develop the ability to think abstractly, logically, and systematically.

Cognition Stage

A phase in cognitive development processes, per developmental theories, where individuals acquire, process, and utilize knowledge.

Jean Piaget

was a Swiss psychologist known for his pioneering work in child development, particularly his theory of cognitive development.