When Deciding Whether to Hire an Additional Worker,firms Look at How

question 51

Multiple Choice

When deciding whether to hire an additional worker,firms look at how the additional worker would affect which of the following

• A)costs only
• B)revenue only
• C)output only
• D)profit only

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Definitions:

Inferior Goods

Inferior goods are products whose demand decreases as consumer income rises, opposite to normal goods.

Demand

The amount of a product or service that buyers are prepared and capable of buying at different price levels over a specific time frame.

Income

Earnings acquired on a consistent basis through employment or investments.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price within a specific time period.