Ifthewageexceedsthevalueofthemarginalproductoflabor,thenhiringanotherworker? increases;the;firm's;profit.|decreases;the;firm's;total;cost.|decreases;the;firm's;total;revenue.|decreases;the;firm’s;profit.
举一反三
- When economic profit is positive, A: total revenue exceeds total economic cost. B: the firm’s owners have successfully solved the principle-agent problem. C: the firm’s owners experience an increase in their wealth. D: both a and c E: all of the above
- What is the total cost in this outcome (Firm A's total cost + Firm B's total cost)?What is the total cost in the efficient outcome (assuming that the price is $3 and four units are produced in total)?<br/>______
- When a firm's average total cost curve continually declines, the firm is a ( ) A: government-created monopoly. B: natural monopoly. C: revenue monopoly. D: All of the above are correct.
- A perfectly competitive firm maximizes its profit by producing the output at which its marginal cost equals its ____ A: marginal revenue B: average total cost C: average variable cost. D: average fixed cost.
- To achieve profit is not the ultimate goal but profit is the bottom-line measure of a firm’s success and ability to survive.