A profit-maximizing firm will never hire that quantity of a factor of production for which that factor has an increasing marginal productivity because
a. it would not be maximizing output.
b. it would not be maximizing the productivity of labor.
c. it would not be minimizing costs.
d. it would not be maximizing profits.
Question 2
If a profit-maximizing firm is a price taker in both the input and output markets, its marginal revenue product of labor is given by
a. the price of its output times labor's marginal physical productivity.
b. the marginal value product of labor.
c. the marginal revenue product of capital times the ratio of the wage rate to the rental rate on capital.
d. all of the above.
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Complete the following production chart and plot the points.
Complete the following production chart and plot the points.
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