Let MP = Marginal Product, P = Output Price, and W

question 136

Multiple Choice

Let MP = marginal product, P = output price, and W = wage, then the equation that represents a situation where a competitive firm should lay off some workers to maximise profits is

• A)P × MP = W.
• B)P × MP > W.
• C)P × MP < W.
• D)MP × W = P.

---

Definitions:

Multicellularity

The state of being composed of multiple cells that are organized into tissues and organs, allowing for specialization and increased complexity in organisms.

Indulgent Parenting

A style in which parents are highly involved with their children but place few demands or controls on them. This is associated with children’s social incompetence, especially a lack of self-control and a lack of respect for others.

Self-control

The ability to regulate one's emotions, thoughts, and behaviors in the face of temptations and impulses.

Monitors

Devices or people appointed to observe, check, and keep a continuous record of a process or situation.