A competitive profit-maximizing firm should hire wor... - Solved MCQs & Answer

3775EconomicsMedium

A competitive profit-maximizing firm should hire workers up to the point where?

Athe marginal product of labor equals zero and the production function is maximized

Bthe value of the marginal product of labor equals the wage

Cthe wage, the rental price of capital and the rental price of land are all equal

Dthe marginal product of labor equals the wage

Correct answer

B. the value of the marginal product of labor equals the wage

Explanation

The correct answer is the value of the marginal product of labor equals the wage.

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