When the wage rate falls, profit-maximizing firms have an incentive to stop using capital production processes entirely O hire fewer workers and buy more plant and equipment O substitute labor for capital in production processes O raise product prices in order to raise profits through both higher prices and reduced labar costs O make no change in production and price decisions and take the decrease in labor costs asS 2D increase in profits the correct reespeuse

When the wage rate falls, profit-maximizing firms have an incentive to stop using capital production processes entirely O hire fewer workers and buy more plant and equipment O substitute labor for capital in production processes O raise product prices in order to raise profits through both higher prices and reduced labar costs O make no change in production and price decisions and take the decrease in labor costs asS 2D increase in profits the correct reespeuse

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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