An Additional Worker Will Add to the Profit of a Business,and

question 8

Multiple Choice

An additional worker will add to the profit of a business,and therefore be more likely to be hired,if the

• A) average cost of labor is positive.
• B) marginal revenue is less than the price of the output of the business.
• C) wage is less than the marginal revenue.
• D) marginal cost of labor is greater than the marginal revenue.

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Definitions:

Population Proportions

The fraction of individuals in a population having a particular property or characteristic.

Confidence Interval

A constellation of values, derived from the statistical inquiry of samples, assumed to cradle the value of an invisible population parameter.

Product Recognition

The ability to identify a product by its features, brand, or other distinguishing characteristics.

P-value

The chance of getting test findings as extreme or more so than what was actually seen, based on the premise that the null hypothesis holds.