For Maximum Profit, a Firm Hires Labor Up to the Point

question 248

Multiple Choice

For maximum profit, a firm hires labor up to the point at which the wage equals
(i) the value of the marginal product of labor.
(ii) the marginal cost of an additional unit of output.
(iii) output price multiplied by the marginal product of labor.

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

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