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Author Question: Explain two different ways to determine the profit-maximizing level of output for a firm in a ... (Read 158 times)

fox

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Explain two different ways to determine the profit-maximizing level of output for a firm in a perfectly competitive market.
 
  What will be an ideal response?

Question 2

After Suzie, owner of Suzie's Sweet Shop, hires her 8th worker the average product of labor declines. Which of the following statements must be true?
 
  A) The average product of labor is negative.
  B) The marginal product of the 8th worker is negative.
  C) The marginal product of the 8th worker is less than the average product of labor before the 8th worker was hired.
  D) Suzie's profits would be greater if she did not hire the 8th worker.


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ttt030911

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fox

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