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Author Question: A firm in a competitive labor market will hire labor until the value of marginal product of labor ... (Read 158 times)

bclement10

  • Hero Member
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  • Posts: 560
on: Jun 29, 2018
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.

Question 2

A group of firms that has entered into a collusive agreement to restrict output and increase prices and profits is called
 
  A) a compliance.
  B) a cartel.
  C) an oligopoly.
  D) a duopoly.


Sarahjh

  • Sr. Member
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  • Posts: 370
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

B


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