If a Firm Is a Price Taker in Both the Labor

question 3

Multiple Choice

If a firm is a price taker in both the labor market and the output market,it will

• A) earn zero economic profit in the short run.
• B) hire labor until the marginal product of labor equals zero.
• C) hire labor until the marginal revenue product equals the output price.
• D) hire labor until the marginal revenue product equals the wage rate.

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Definitions:

Whiteness

A societal construct referring to the social, economic, and political advantages that come with being identified as white in many societies, often at the expense of non-white individuals.

Post-colonial Theory

An intellectual discourse that analyses, explains, and responds to the cultural legacy of colonialism and imperialism.

Colonialism

The effects of imperialism, including concrete and ideological effects, within colonized territories.

Imperialism

The conquest of land, resources, and people’s labour; the ideas, practices, and attitudes of colonizers.