Marginal resource cost of labor

For a gain maximizing competitive firm operating in the competitive labor market, the: (1) Marginal resource cost of the labor is similar to the wage rate. (2) Supply of the labor is perfectly inelastic. (3) Production quota is precisely proportional to the labor hired. (4) VMP surpasses W by the maximum possible amount.

Can someone please help me in finding out the accurate answer from the above options.

View Complete Question

Related Questions in Microeconomics

Q : Implicit and explicit economic costs I

I have a problem in economics on Implicit and explicit economic costs. Please help me in the following question. The Economic profit is the difference among total revenue and: (i) The sum of explicit and implicit economic costs. (ii) Accounting cost. (iii) Variable co

Q : History of Labor Union problem Can

Can someone help me in finding out the right answer from the given options. Working time gone in strikes as the percent of net working time in the United States since from the end of World War II has: (1) Rose to around 20 percent. (2) Reduced to a bit over 6 percent.

Q : Define Average Variable Cost Define

Define Average Variable Cost. And also state its formula.

Q : Easily enter or exit the market in the

This graph depicts a short run situation while long run equilibrium has been achieved for a firm along with some market (price-making) power when the firm cannot price discriminate and: (w) has explicit costs but no i

Q : Interaction of demand and supply with

Identify and explain the main economic factors that determine the price of a good or service. Please include how demand and supply interact and elasticity, etc. Also give examples with graphs.

Q : Demand rises for relatively price

Alyssa’s Floral Shoppe dropped its prices for a dozen roses by $45 to $35 this annum. Due to this decrease into price, the quantity sold increased from 1000 to 1500. The demand for Alyssa’s rises is: (1) perfectly price elastic. (2) relati

Q : What is Average Total Cost What is

What is Average Total Cost. Also write down its formula?

Q : General law of demand I have problem in

I have problem in this question based on law of demand. Provide me correct answer of this. Described the circumstances in which the "general law of demand" not hold?

Q : Problem regarding to Subsidy Wedges The

The demand for an undergraduate college education would rise from the perspective of college administrators when: (w) the federal government started paying half of the interest charged upon student loans. (x) grade inflation was reversed and the average grade earned b

Q : Supply of good at market price When

When producers become willing and capable to sell more of a good at each and every market price, then there has been a raise in: (1) Consumer preferences. (2) Supply. (3) Quantity supplied. (4) Demand. (5) Capitalists’ profits.

Discover Q & A

Leading Solution Library

Avail More Than 1428290 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1958352
Asked

3,689

Active Tutors

1428290

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment