Which of the Following Statements Is Correct

question 96

Multiple Choice

Which of the following statements is correct?

• A)The value of the marginal product curve is the labor demand curve for competitive, profit-maximizing firms.
• B)A competitive, profit-maximizing firm hires workers up to the point where the value of the marginal product of labor equals the wage.
• C)By hiring labor up to the point where the value of the marginal product of labor equals the wage, the firm is producing where price equals marginal cost.
• D)All of the above are correct.

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Definitions:

Sensation

The process by which sensory receptors and the nervous system receive and represent stimuli from the environment.

Sense Of Taste

A sensory experience produced by substances in the mouth reacting chemically with taste receptor cells located on the taste buds.

Severely Cold

Describing an extreme low temperature condition that can potentially cause harm or discomfort.

Sensory Adaptation

The method through which sensory receptors decrease in sensitivity to unchanging stimuli as time progresses.