At the Profit-Maximising Amount of Labour, the Wage Equals Which

question 214

Multiple Choice

At the profit-maximising amount of labour, the wage equals which of the following? (i) price × the marginal product of labour
(ii) the value of the marginal product of labour
(iii) marginal cost

• A) (i) and (ii)
• B) (ii) and (iii)
• C) (i) only
• D) (iii) only

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Definitions:

Easy Partnership

A type of business partnership that is simple to establish and operate, often requiring less formal agreements.

Partnership Property

Assets or property acquired by a partnership firm, owned collectively by the partners and used for the business's purposes, subject to the partnership agreement.

RUPA

Stands for the Revised Uniform Partnership Act, which is a set of laws adopted by many states to govern the operation of partnerships.

Mentally Incompetent

A legal status indicating that an individual is not capable of making decisions for themselves due to mental incapacity or illness.