47. The productivity of labor in a firm has decreased due to the recent retirement of many of the firm's most skilled workers. Assuming that the firm is a profit maximizer in a perfectly competitive situation, the firm will I. increase the average wage. II. decrease the average wage. III. reduce the number of worker-hours it hires. IV. hire additional labor. V. increase the number of worker-hours it hires. Statement I only Statement IV only Statements I and V only Statements II and III only OStatement V only

47. The productivity of labor in a firm has decreased due to the recent retirement of many of the firm's most skilled workers. Assuming that the firm is a profit maximizer in a perfectly competitive situation, the firm will I. increase the average wage. II. decrease the average wage. III. reduce the number of worker-hours it hires. IV. hire additional labor. V. increase the number of worker-hours it hires. Statement I only Statement IV only Statements I and V only Statements II and III only OStatement V only

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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