The Optimal Number of Workers for a Perfectly Competitive Firm

question 87

Multiple Choice

The optimal number of workers for a perfectly competitive firm to hire occurs when

• A)total labor cost equals total revenue.
• B)diminishing marginal productivity is first experienced.
• C)the wage rate equals the marginal product of the last worker.
• D)the wage rate equals the value of marginal product of the last worker.

---

Definitions:

Proportion

A mathematical ratio that shows the relative sizes of two or more values.

Body Image

An individual's perception and feelings about their own body and physical appearance.

Mental Picture

Visual image or representation formed in the mind that reflects what is perceived or thought by an individual.

Attractiveness

Refers to the quality of being visually pleasing or appealing to the senses.