Assuming both perfectly competitive labor and product markets, if a bushel of apples sells for $$\(\$ 10\)$$ and each hired worker costs $$\(\$ 20\)$$, how many workers should be hired to maximize profits?
A.
2
B.
3
C.
4
D.
5
E.
6
Exam No:AP Micro Practice Test 1 Year:2024 Question No:41
Answer:
D
Knowledge points:
3.1 The Production Function
3.5 Profit Maximization
5.3 Profit-Maximizing Behavior in Perfectly Competitive Factor Markets
Solution:
Download APP for more features
1. Tons of answers.
2. Smarter Al tools enhance your learning journey.
IOS
Download
Download
Android
Download
Download
Google Play
Download
Download