Suppose That a Profit-Maximizing Firm in a Competitive Market Hires

question 170

Multiple Choice

Suppose that a profit-maximizing firm in a competitive market hires labor up to the point at which the value of the marginal product equals the wage and that labor is the only variable input.The price of the product is $150 per unit.If the firm pays a wage of $700 per week and the marginal product of labor equals 20 units per week,then the marginal cost of producing an additional unit of output is

• A) $35.
• B) $70.
• C) $14,000 divided by total output.
• D) $3,000 divided by total output.
• E) $4.29.

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Definitions:

Audience Size

The number of people who are exposed to or consume a particular piece of content or media.

Inform

To provide or disclose information or knowledge about a subject or topic.

Persuade

The act of convincing someone to believe or do something, using evidence or logical reasoning.

Presentation Skills

The ability to effectively communicate information and ideas to an audience through structured and engaging talks or demonstrations.