After Hiring 151 Units of the Variable Input (Say Labor)

question 103

Multiple Choice

After hiring 151 units of the variable input (say labor) a firm determines the MFC to be $0.33 and the MRP to be $0.30.The firm should:

• A)increase the output of its product.
• B)increase the use of labor.
• C)decrease the use of labor.
• D)produce 151 units.
• E)produce 33 units of the output.

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Definitions:

Usage of Trade

Established practices and patterns of behavior commonly observed and accepted in a particular industry.

Growers Mart

A marketplace or exchange platform dedicated to the sale and purchase of agricultural products directly from farmers.

Fresh Farm LLC

A company likely involved in agriculture, specifically in producing and possibly selling fresh farm products.

Identification

In a sale of goods, the express designation of the specific goods provided for in the contract.