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A firm will maximize its profits by hiring factors up to

A firm will maximize its profits by hiring factors up to the point at which:

a. MR = MC, if the firm is a monopolist, monopolistic competitor, or oligopolist.

b. P = MC, if the firm is a perfect competitor.

c. MRP = MFC, if the firm is a product price taker.

d. VMP = MFC, if the firm is a product price searcher.

e. a and b

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Business Economics: A firm will maximize its profits by hiring factors up to

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