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Micro 5.3-The Hiring Rule...How many rules are there?

Last updated 9 months ago

3 Nsɛmmisa

1

Asemmisa {{asɛmmisaAhyɛnsode}}

1.

The hiring rule for ANY hiring firm is MRP=MRC.

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Ɛnyɛ ampa

1

1

Asemmisa {{asɛmmisaAhyɛnsode}}

2.

If a firm were perfectly competitive in BOTH the product and labor market, the firm would hire a worker under which of the following conditions?

VMP=MRC

VMP = SL

VMP = w

DL=MRC

DL = SL

DL = w

MRP=MRC

MRP = SL

MRP = w

Asemmisa {{asɛmmisaAhyɛnsode}}

3.

If a firm were perfectly competitive in the labor market but imperfectly competitive in the product market, the firm would hire a worker under which of the following conditions?

VMP=MRC

VMP = SL

VMP = w

DL=MRC

DL = SL

DL = w

MRP=MRC

MRP = SL

MRP = w