Microeconomics Study Set 6
Quiz 18: Markets for Factors of Production
-In the table above, if the wage rate is $8.00 per hour, the profit-maximizing number of workers is A) 1. B) 2. C) 4. D) 5.
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-In the table above, the firm producing the product is A) a monopoly. B) an oligopoly. C) a duopoly. D) perfectly competitive.
-In the table above, if the wage rate is $12.00 per hour, the profit-maximizing number of workers is A) 2. B) 3. C) 4. D) 5.
A firm in a competitive labor market will hire labor until the value of marginal product of labor equals the A) firm's marginal revenue. B) firm's marginal cost. C) firm's average cost. D) wage rate.
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