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Question
If the market for labor is perfectly competitive, the profit maximizing level of labor occurs whereA) MRPL < W (the wage).
B) MRPL = P (the output price).
C) MRPL just exceeds W.
D) MRPL = W.
E) none of the above
Answer
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Related questions
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If the inflation rate falls and nominal interest rates are unchanged,
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Q:
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Q:
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Q:
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Q:
Scenario 14.4:
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Q:
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Q:
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Q:
Use the following statements to answer this question:
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Q:
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Q:
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Q:
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Q:
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Q:
An increase in technology that enhances labor productivity will likely result in:
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B) an increase in labor employment and an increase in the wage rate.
C) a decrease in labor employment and a decrease in the wage rate.
D) an increase in labor employment and a decrease in the wage rate.
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Q:
Scenario 14.2:A firm can hire labor at the minimum wage of $4.25 per hour. Assume that labor works 8 hours a day. The firm's production function is as follows:Number of Days Number of Units of Labor of Output 0 0 1 8 2 15 3 21 4 26 5 30Refer to Scenario 14.2. What is the average product of the 4th worker?A) 4B) 5C) 6D) 6.5E) 7
Q:
If leisure is a normal good, then the income effect of a decrease in wage will
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D) increase the sum of leisure plus hours worked.
Q:
The marginal revenue product can be expressed as the
A) additional revenue received from selling one more unit of product.
B) increment to revenue received from one additional unit of input hired.
C) marginal physical product of an input times the average revenue received from the sale of the product.
D) average physical product of the input times the marginal revenue received from the sale of the final product.