When a Competitive Firm Maximizes Profit, It Will Hire Workers

question 7

Multiple Choice

When a competitive firm maximizes profit, it will hire workers up to the point where the

• A)marginal product of labor is equal to the product price.
• B)marginal product of labor is equal to the wage.
• C)value of the marginal product of labor is equal to the product price.
• D)value of the marginal product of labor is equal to the wage.

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Definitions:

National Guard

A reserve military force composed of state National Guard units under dual state and federal control, often deployed for domestic emergencies and overseas missions.

Regular Army

The permanent, professional army of a nation, distinguishing it from reservists or conscripted personnel.

Black Men

Male individuals of African descent or who identify as part of the Black race.

Great Migration

The movement of over six million African Americans from the rural South to urban areas in the North and West of the United States between 1916 and 1970, seeking better economic opportunities and escaping racial segregation.