A Profit-Maximizing Firm Will Continue to Hire Labour Until the

question 89

Multiple Choice

A profit-maximizing firm will continue to hire labour until the

• A)wage rate equals the last worker's marginal product.
• B)last worker's value of marginal product is maximized.
• C)last worker's value of marginal product is negative.
• D)wage rate equals the last worker's value of marginal product.
• E)last worker's value of marginal product equals zero.

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Definitions:

Personal Construct Theory

A psychological theory developed by George Kelly, suggesting that individuals interpret the world and construct their own models of reality through bipolar constructs.

Construct Organization

In personal construct theory, this refers to the way in which individual personal constructs are arranged or ordered within a person's mind, affecting perception and behavior.

Personal Construct Theory

A psychological theory developed by George Kelly in 1955, proposing that individuals use personal constructs (mental models) to understand and interpret their experiences.

Sociality Corollary

A principle suggesting that the establishment and understanding of personal identity are significantly influenced by social relationships and interactions.