Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 7, Problem 3SQ
To determine
The impact of decreasing marginal product of labor.
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If the marginal revenue earned by a firm due to an additional unit of worker is less than the marginal cost of hiring him, _____.
a.the firm should not hire the worker
b.the firm should hire the worker
c.the firm should not operate in the long run
d.the firm should not differentiate its products
Which of the following statements best describes the Diminishing Returns to Labor:Select one:Oa. Workers are paid less.as more of them are hired by the firm.Ob. Workers get paid less as they work more.Oc: The firm's output decreases as more workers are hired.Od. Each additional worker adds less to the production as the Marginal Product of Labor is decreasing.
A firm in a competitive market should hire workers up to the point where the value of the marginal product of labor =
a. the wage
b. total revenue
c. total cost
d. total profit
Chapter 7 Solutions
Economics For Today
Ch. 7.5 - Prob. 1YTECh. 7 - Prob. 1SQPCh. 7 - Prob. 2SQPCh. 7 - Prob. 3SQPCh. 7 - Prob. 4SQPCh. 7 - Prob. 5SQPCh. 7 - Prob. 6SQPCh. 7 - Prob. 7SQPCh. 7 - Prob. 8SQPCh. 7 - Prob. 9SQP
Ch. 7 - Prob. 10SQPCh. 7 - Prob. 11SQPCh. 7 - Prob. 1SQCh. 7 - Prob. 2SQCh. 7 - Prob. 3SQCh. 7 - Prob. 4SQCh. 7 - Prob. 5SQCh. 7 - Prob. 6SQCh. 7 - Prob. 7SQCh. 7 - Prob. 8SQCh. 7 - Prob. 9SQCh. 7 - Prob. 10SQCh. 7 - Prob. 11SQCh. 7 - Prob. 12SQCh. 7 - Prob. 13SQCh. 7 - Prob. 14SQCh. 7 - Prob. 15SQCh. 7 - Prob. 16SQCh. 7 - Prob. 17SQCh. 7 - Prob. 18SQCh. 7 - Prob. 19SQCh. 7 - Prob. 20SQCh. 7 - Prob. 21SQCh. 7 - Prob. 22SQCh. 7 - Prob. 23SQCh. 7 - Prob. 24SQCh. 7 - Prob. 25SQ
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