Wage rate by hiring labor by price taker

A firm which is a price taker in the labor market will hire labor to the point where the wage rate is equals labor’s: (w) average output. (x) marginal revenue product. (y) average revenue product. (z) marginal physical product.

Please choose the right answer from above...I want your suggestion for the same.

View Complete Question

Related Questions in Managerial Economics

Q : Requirement of equal paying amounts A

A requirement of equal pay for workers along with equal amounts of education, responsibility, and experience is termed as the doctrine of: (1) marginal productivity. (2) non-exploitation. (3) central wage planning. (4) comparable wort

Q : Illustrates the steps in formulating

Illustrates the steps in formulating pricing policies in details?

Q : Social Welfare and Efficiency on Labor

Inefficiency may exist within a labor market while a firm only hires labor up to a certain point where: (w) the value of labor’s marginal product equals the wage rate. (x) VMP > MRC. (y) MPPL = w/P. (z) the last unit of labor adds as much to

Q : Succeed and surviving of a cartels A

A cartel is more likely to succeed and survive when: (w) members respond to incentives to cheat. (x) fringe producers are not members. (y) total market demand is less elastic. (z) close substitute goods are simply developed.

Q : Significant causes giving birth to

What are the significant causes of business cycle to give birth?

Q : Decline in equilibrium marginal revenue

Declines within the equilibrium marginal revenue product of a firm’s workers are probably to follow the adjustments to: (1) increases in specific training. (2) decreases in the wage rate. (3) increases in the demand for output. (4) hikes in the

Q : Income effect at a wage rate The

The substitution effect of a small change within the wage rate for this worker most strongly goes beyond the income effect at a wage rate of: (1) $5 per hour. (2) $10 per hour. (3) $10 per hour to $25 per hour. (4) $2

Q : States the Extension and Contraction of

States the Extension and Contraction of Demand.

Q : Change in derived demand A change in

A change in derived demand has most clearly occurred when: (1) poker playing increases in popularity since the World Series of Poker is televised. (2) housing sales decline during recessions. (3) ski sales increase when the snow begins to fall in Octo

Q : Earning price in Human capital As per

As per shown in this graph, the average high school graduate will earn around: (1) $12,000 yearly. (2) $20,000 yearly. (3) $45,000 yearly. (4) $90,000 yearly. (5) $100,000 yearly.

Discover Q & A

Leading Solution Library

Avail More Than 1441491 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1939443
Asked

3,689

Active Tutors

1441491

Questions
Answered

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

Submit Assignment