Marginal revenue product falls as more labor is hired because
A) the price of the product must fall for a perfectly competitive firm to sell more.
B) the marginal product of labor is negative as additional units of labor are hired.
C) the wage rate rises as more workers work more hours.
D) the marginal product of labor falls as a result of the law of diminishing returns.
Question 2
Only one of the following statements is correct. The statements compare perfectly competitive (PC) markets and monopolistically competitive (MC) markets. Which statement is correct?
A) Productive efficiency is achieved in both PC and MC markets. Allocative efficiency is achieved only in MC markets.
B) Allocative efficiency is achieved only in PC markets. Productive efficiency is achieved only in MC markets.
C) Productive efficiency and allocative efficiency are both achieved in PC markets. Neither is achieved in MC markets.
D) Allocative efficiency is achieved in both PC and MC markets. Productive efficiency is achieved only in PC markets.
Product & Process Influences - Sterile Products
Use the product rule to find derivative
An organizational specialist is hired as a consultant to a company planning to open a coffee ...
The retail price of a packaged CD is $60.00, which includes a tax of 4%. What is the actual ...
Sol Duc Falls in Olympic National Park, Washington.