Suppose a Competitive Firm Is Paying a Wage of $12

question 192

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 the last worker hired produces four units of output per hour, then to maximize profits the firm should

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

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Definitions:

Milestone Completion

The achievement of a significant stage or event in a project, often used as a marker for progress tracking and reporting.

Action Item Registers

A tracking tool used to record tasks or actions that need to be completed, often including details such as responsible person and deadline.

Timely Decisions

Timely decisions are those made within an appropriate and strategic timeframe that allows for effective action and positive outcomes in project management or operations.

Project Celebration

An event or gathering organized to acknowledge the successful completion of a project and to celebrate the team's efforts.