Firms should hire additional units of a resource as long as the:
a. marginal product of the resource exceeds the price of the resource multiplied by the quantity of output produced.
b. marginal product of the resource is less than the price of the resource.
c. price of the output produced is positive.
d. marginal revenue product of the resource exceeds the cost of an additional unit of the resource.
Question 2
For a typical firm, the long-run average total cost curve:
a. is tangent to the minimum point of each possible short-run average total cost curves.
b. is tangent to each possible short-run average total cost curve at one point.
c. intersects each possible short-run average total cost curve at two points.
d. passes through the minimum points of all possible short-run average total cost curves.
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