Which Statement Is True

question 68

Multiple Choice

Which statement is true?

• A)If the MRP of the last worker hired is higher than the wage rate,the firm has hired too few workers.
• B)The most important influence on a firm's demand for a factor of production is the demand for the final product.
• C)A firm will keep hiring more and more of a resource up to the point at which its MRP is equal to its price.
• D)All of the statements are true.

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Definitions:

Intelligence

The skill to grasp, interpret, and employ data, tackle issues, and adapt to changes in circumstances.

Charles Spearman

A British psychologist known for his work in statistics and intelligence theory, notably for his proposal of the g factor, or general intelligence.

General Ability

General ability refers to the overall cognitive capacity of an individual, including elements such as memory, reasoning, problem-solving, and intelligence.

Intelligence

The capacity for absorbing lessons from past encounters, addressing difficulties, and leveraging insight to adapt to fresh scenarios.