47. The productivity of labor in a firm has decreased due to the recent retirement of many of the firm's most skilled workers. Assuming that the firm is a profit maximizer in a perfectly competitive situation, the firm will I. increase the average wage. II. decrease the average wage. III. reduce the number of worker-hours it hires. IV. hire additional labor. V. increase the number of worker-hours it hires. Statement I only Statement IV only Statements I and V only Statements II and III only OStatement V only
47. The productivity of labor in a firm has decreased due to the recent retirement of many of the firm's most skilled workers. Assuming that the firm is a profit maximizer in a perfectly competitive situation, the firm will I. increase the average wage. II. decrease the average wage. III. reduce the number of worker-hours it hires. IV. hire additional labor. V. increase the number of worker-hours it hires. Statement I only Statement IV only Statements I and V only Statements II and III only OStatement V only
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter18: The Markets For The Factor Of Production
Section: Chapter Questions
Problem 2QCMC
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