If a Firm Is a Price Taker in Both the Labor

question 3

Multiple Choice

If a firm is a price taker in both the labor market and the output market,it will

• A) earn zero economic profit in the short run.
• B) hire labor until the marginal product of labor equals zero.
• C) hire labor until the marginal revenue product equals the output price.
• D) hire labor until the marginal revenue product equals the wage rate.

Comprehend the defenses available to employers in employment discrimination suits, including bona fide occupational qualifications and business necessity.

Analyze scenarios involving employment discrimination to determine potential violations of federal employment laws.

Understand the implications of the Age Discrimination in Employment Act in relation to employment practices.

Distinguish between different types of harassment in the workplace, including sexual harassment and hostile work environment.

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Definitions:

Reduced Absenteeism

A decrease in the frequency of employees failing to report for work as scheduled, benefiting both productivity and morale.

Attract Talent

The strategies and measures taken by organizations to entice highly skilled professionals to work for them.

Job Enrichment

A method to improve job satisfaction by adding tasks that increase the responsibility and opportunity for growth of the employee.

Horizontal Loading

The process of adding more tasks of similar complexity to an individual's job role to increase variety without necessarily increasing responsibility.