A competitive, profit-maximizing firm hires labor until the:. a. wage equals the rental price of capital. b. price of output multiplied by the marginal product of labor equals the wage. c. marginal product of labor equals the wage. d. real wage equals the real rental price of capital.

The correct answer is c. marginal product of labor equals the wage.

Explanation:

The marginal productivity is the variation that the production of a good experiences when increasing a unit of a productive factor of the same, remaining the rest constant.

It is an economic index that is used to express and measure changes in the result of a productive process once the variables that affect it change. That is, the productive factors. This measure expresses the variations and intensity of these in the face of changes in productive elements, thus deciphering the importance of each one of them for the total calculation.

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the answer is "b.the increased supply will create a surplus. "

the essential thought behind price controls is straightforward - utilize the power of law to modify the equilibrium of a market. for instance, the legislature may choose that the steel business needs to survive, and in this way pass a law to set a value floor on steel. this implies all steel sold must offer at or over the floor value, which must be set over the equilibrium cost for it to have any impact. the switch could likewise happen - the administration can choose that steel is excessively costly and set a value roof underneath its equilibrium value, with the goal that all steel must be sold at or beneath that ceiling.