Remaining Time: 1 hour, 25 minutes, 51 seconds.* Question Completion Status:QUESTION 14When the marginal revenue product of labor (MRPL) is greater than the wage (W) then:The firm should demand more labors in order to get maximum profitO The firm should use more capital to increase the labor productivityO The firm should use less capital and more labors to pay minimum costO The firm should hire less labor to pay minimum wageQUESTION 15A firm will earn normal profits when price:O Equals marginal cost (MC)O Equals average variable cost (AVC)O Equals average total cost (AC)O Exceeds minimum average total cost (AC)Click Save and Submit to save and submit. Click Save All Answers to save all answers.DEL * Question Completion Status:QUESTION 14When the marginal revenue product of labor (MRPL) is greater than the wage (W) then:O The firm should demand more labors in order to get maximum profitO The firm should use more capital to increase the labor productivityO The firm should use less capital and more labors to pay minimum costO The firm should hire less labor to pay minimum wageQUESTION 15A firm will earn normal profits when price:O Equals marginal cost (MC)O Equals average variable cost (AVC)O Equals average total cost (AC)O Exceeds minimum average total cost (AC)Click Save and Submit to save and submit. Click Save All Answers to save all answers.

QUESTION 14 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O The firm should demand more labors in order to get maximum profit O The firm should use more capital to increase the labor productivity O The firm should use less capital and more labors to pay minimum cost O The firm should hire less labor to pay minimum wage QUESTION 15 A firm will earn normal profits when price: O Equals marginal cost (MC) O Equals average variable cost (AVC) O Equals average total cost (AC) O Exceeds minimum average total cost (AC)

QUESTION 14 When the marginal revenue product of labor (MRPL) is greater than the wage (W) then: O The firm should demand more labors in order to get maximum profit O The firm should use more capital to increase the labor productivity O The firm should use less capital and more labors to pay minimum cost O The firm should hire less labor to pay minimum wage QUESTION 15 A firm will earn normal profits when price: O Equals marginal cost (MC) O Equals average variable cost (AVC) O Equals average total cost (AC) O Exceeds minimum average total cost (AC)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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