As the Wage Rate Falls, Other Things Constant, Perfectly Competitive

question 76

Multiple Choice

As the wage rate falls, other things constant, perfectly competitive firms will employ

• A) fewer workers.
• B) more capital.
• C) the same number of workers.
• D) more workers.

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Definitions:

Net Income

The total profit of a company after all expenses, taxes, and deductions have been subtracted from total revenue; also known as net profit or net earnings.

Asset Management

The systematic process of operating, maintaining, and upgrading assets cost-effectively, often referring to financial investments.

Resources Efficiency

The strategic use of materials and energy to maximize productivity while minimizing waste and environmental impact.

Minimum Cost

The lowest possible expenditure required to achieve a specific outcome or maintain a certain standard of quality or efficiency.