Author Question: For a competitive firm, workers' marginal revenue product equals the marginal product of labor times ... (Read 165 times)

dalyningkenk · **on:** Jun 30, 2018

For a competitive firm, workers' marginal revenue product equals the marginal product of labor times the:
a. wage rate.
b. price of the firm's product.
c. interest rate.
d. firm's total revenue.

Question 2

Economies of scale imply that within some range one can increase the size of operation and:
a. total cost will decrease.
b. fixed cost will decrease.
c. average total cost will decrease.
d. average total cost will increase.
e. average variable cost will decrease.