With a Linear Production Function in Labor Only,which of the Following

question 46

Multiple Choice

With a linear production function in labor only,which of the following must be true?

• A) The representative household works as much as possible.
• B) The representative firm makes large profits.
• C) The real wage equals total factor productivity.
• D) The marginal product of labor exceeds the real wage.

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Definitions:

Ethical Behavior

Conduct that is consistent with what society, individuals, or businesses consider to be good values or moral principles.

Organizational Commitment

The psychological attachment and loyalty an employee has towards their organization, influencing their willingness to remain part of the team.

Kinds

Kinds refer to categories or types that share common characteristics or attributes.

Volunteer Shift

A designated period in which individuals offer their services or time to work on behalf of a cause or organization without compensation.