At the Competitive Firm's Profit-Maximizing Quantity of Labor

question 163

Multiple Choice

At the competitive firm's profit-maximizing quantity of labor:

• A)the value of the last worker's marginal product is greater than or equal to marginal cost of that input.
• B)the value of the last worker's marginal product is less than the marginal cost of that input.
• C)marginal profits are always positive.
• D)None of these statements is true.

---

Definitions:

Falkland Islands

A British Overseas Territory located in the South Atlantic Ocean, known for its strategic military importance and the subject of a territorial dispute with Argentina.

Sparsely Populated

Areas or regions that have a low population density, often featuring wide spaces with few people living in them.

Perestroika

A political movement for reform within the Communist Party of the Soviet Union during the 1980s, aimed at restructuring the Soviet economy and government.

Economic Reforms

Changes to economic policies or structures, typically intended to improve efficiency, growth, and the equitable distribution of resources.