Refer to the following table to answer the following questions:

-If the price of output is $2 and the wage for workers is $4,how many workers will the firm hire?
A) one
B) two
C) three
D) four
E) five

Question

Refer to the following table to answer the following questions:

-If the price of output is $2 and the wage for workers is $4,how many workers will the firm hire?
A) one 
B) two 
C) three 
D) four 
E) five

Quizplus · Accepted Answer

Without additional information such as the production function, the marginal productivity of labor, or how the price of output relates to the cost of labor, it's impossible to accurately determine the number of workers a firm will hire based solely on the price of output and the wage rate.

Refer to the Following Table to Answer the Following Questions