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A profit maximizing firm will hire workers up to the point where marginal factor cost equals the marginal revenue product of labor. marginal revenue product equals the wage rate. marginal cost of output equals the marginal revenue. demand equals the supply of labor.

A profit maximizing firm will hire workers up to the point where marginal factor cost equals the marginal revenue product of labor. marginal revenue product equals the wage rate. marginal cost of output equals the marginal revenue. demand equals the supply of labor.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A profit maximizing firm will hire workers up to the point where marginal factor cost equals the marginal revenue product of labor. marginal revenue product equals the wage rate. marginal cost of output equals the marginal revenue. demand equals the supply of labor.
Transcribed Image Text:A profit maximizing firm will hire workers up to the point where marginal factor cost equals the marginal revenue product of labor. marginal revenue product equals the wage rate. marginal cost of output equals the marginal revenue. demand equals the supply of labor.
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