Question 1
If the wage rate is less than the marginal revenue product of labor, the firm should ________ to maximize profits.
◦ hire less labor and produce less output
◦ hire less labor and produce more output
◦ hire more labor and produce less output
◦ hire more labor and produce more output
Question 2
Refer to the information provided in Figure 10.2 below to answer the question(s) that follow.
Refer to Figure 10.2. This firm's marginal cost curve has shifted from
MC
0 to
MC
1. A likely explanation for this is that
◦ the productivity of a variable input declined.
◦ the price of a variable input decreased.
◦ the demand for the firm's product decreased.
◦ the supply of a variable input decreased.
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