As Long as an Additional Worker Hired by a Firm

question 216

Multiple Choice

As long as an additional worker hired by a firm produces

• A)more output than the real wage rate,the firm will hire that worker.
• B)more output than the real wage rate,the firm will not hire that worker.
• C)less output than the real wage rate,the firm will hire that worker.
• D)some output,the firm will hire that worker.
• E)more output than the nominal wage rate,the firm will hire that worker.

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Definitions:

Price

The sum of money that is anticipated, demanded, or paid in exchange for something, representing the value of goods or services in financial terms.

Indifference Curves

represent combinations of two goods that provide the same level of utility or satisfaction to a consumer, illustrating their preferences.

Budget Constraints

The limitations on the consumption bundles that a consumer can afford given their income and the prices of goods and services.

Utility

A measure of satisfaction or pleasure derived from consuming products or services.