Suppose a Competitive Firm Is Paying a Wage of $12

question 17

Multiple Choice

Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit.Assume that labor is the only input.If hiring another worker would increase output by three units per hour, then to maximize profits the firm should

• A)not change the number of workers it currently hires.
• B)not hire an additional worker.
• C)hire another worker.
• D)There is not enough information to answer the question.

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Definitions:

Older Adults

Individuals who are in the later stage of their life, typically signifying those who are age 65 and older.

Depressive Disorders

A group of conditions characterized by persistent feelings of sadness and hopelessness and a lack of interest or pleasure in activities, significantly affecting one’s daily life.

ECT

Electroconvulsive Therapy (ECT) is a psychiatric treatment involving electrically induced seizures to provide relief from severe mental disorders.

Older Adults

Individuals typically over the age of 65 years, often considered within the context of geriatric psychology and health.