The Optimal Number of Workers for a Perfectly Competitive Firm

question 71

Multiple Choice

The optimal number of workers for a perfectly competitive firm to hire occurs when

• A)total labor costs equal total revenues.
• B)diminishing marginal productivity is first experienced.
• C)the wage rate equals the marginal product of the last worker.
• D)the wage rate equals the value of marginal product of the last worker.

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Definitions:

Origination Rate

Refers to the speed at which new species or phenomena emerge within a specific period.

Beetles

An order of insects known as Coleoptera, characterized by a pair of hard forewings covering their flying wings.

Atmospheric Carbon Dioxide

The concentration of CO2 in the Earth's atmosphere, a significant greenhouse gas contributing to global warming.

Adaptive Radiation

An evolutionary lineage that has undergone exceptionally rapid diversification into a variety of lifestyles or ecological niches.