FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. A firm is profit maximizing, selling its product for $3 and paying its workers $10. If the marginal product of labor is 5, and

image text in transcribed
image text in transcribed
3. A firm is profit maximizing, selling its product for $3 and paying its workers $10. If the marginal product of labor is 5, and the marginal cost of labor is $10, then we can be certain that a) this firm is competitive in the output market b) this firm is competitive in the labor market c) both a) and b) d) neither a) nor b)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Economics Theory and Policy

International Economics Theory and Policy

Authors: Paul R. Krugman, Maurice Obstfeld, Marc Melitz

11th Edition

134519574, 9780134521046 , 978-0134519579

More Books

Students also viewed these Economics questions

Question

★★★★★
Following is information for the Pyramid Company's three business segments located in Europe: Pyramid's applicable tax rate for the segments is 25%, and its weighted average cost of capital for each...

Answered: 1 week ago

Question

★★★★★
The manager of a crew that installs carpeting has tracked the crews output over the past several weeks, obtaining these figures: Yards Installed Week Crew Size 72 52

Answered: 1 week ago

Question

★★★★★
Identify variables that are appropriate for causal comparative and correlational research, including but not limited to gender, race/ethnicity, Indigeneity, and disability, and the intersection of...

Answered: 1 week ago

Question

★★★★★
Lev, in his article On the Usefulness of Earnings (1989), pointed out the low ability of reported net income to explain variations in security prices around the release date of earnings information....

Answered: 1 week ago

Question

★★★★★
The following are Silver Corporation's unit costs of making and selling an item at a volume of 8,000 units per month (which represents the company's capacity): Manufacturing: Direct materials $ 4...

Answered: 1 week ago

Question

★★★★★
inventory models for independent demand 12.12 a. b. c. a quantity the Find the annual ordering costs do what is the reorder point? Px Lead time for one of your fastest-moving products is 12.12 21...

Answered: 1 week ago

Question

★★★★★
30 kg 12.11 The two blocks snowul aid originally at rest. Neglecting the masses of the pulleys and the effect of friction in the pulleys and between block A and the horizontal surface, determine (a)...

Answered: 1 week ago

Question

★★★★★
How can ordinary citizens gain political power by meeting together in a group? If a political group has a lot of members, but not a lot of access to money, what kinds of political activities will...

Answered: 1 week ago

Question

★★★★★
1 . Discuss the role of employee engagement in the growth of organization as argued by the author?

Answered: 1 week ago

Question

★★★★★
2 . 1 The logistical drivers of supply chain include facilities and transport. How would you relate these to material flow? ( 1 5 ) 2 . 2 Price and quality are key factors in consumer buying...

Answered: 1 week ago

Question

★★★★★
2 3 points Determine the force P required to maintain equilibrium of the 128.6 lb container. Report the force P in units of pounds to one decimal point. Type your answer

Answered: 1 week ago

Question

★★★★★
Please give me a heads up on getting to know what is important to our customers. Thisis designed to helpyou better understand the customer, what motivates them and what their expectations are....

Answered: 1 week ago

Question

★★★★★
11. How often have you passed on to others this type of information, which you have filled in yourself? Never, then you should think again.

Answered: 1 week ago

Question

★★★★★
9. Think of any experience that has made a very strong impression on you, and where it did not go the way you thought it would. Imagine this experience as a movie in your inner theatre. Run this...

Answered: 1 week ago

Question

★★★★★
12. Think through the last week. If you could have changed some of your behaviour, what would you have changed? How would you have changed that? What would you seek to achieve by changing your...

Answered: 1 week ago

Previous Question Next Question