If a Profit-Maximizing Firm Hires an Additional Unit of Labor,which

question 173

Multiple Choice

If a profit-maximizing firm hires an additional unit of labor,which of the following is true of that labor's wage and marginal revenue product?

• A)Its wage always equals its marginal revenue product.
• B)Its wage is always greater than its marginal revenue product.
• C)Its wage is always equal to its average revenue.
• D)Its wage is always less than its marginal product.
• E)Its wage is always less than or equal to its marginal revenue product.

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Definitions:

Secondary Dimensions

Aspects of diversity that are not inherent, such as education background, marital status, parental status, military experience, and other life experiences that shape an individual's perspective.

Stereotypes

Oversimplified, widely held fixed beliefs or generalizations about a particular group of people or things.

Economic Cost

The total expenses incurred in the production of goods or services, including both direct and indirect costs, as well as opportunity costs.

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Individuals who have completed a college-level education, often holding an associate, bachelor's, or higher degree.