Which of the following statements is correct?
Which of the following statements is correct?
A. The value of the marginal product curve is the labor demand curve for competitive, profit-maximizing firms. |
B. A competitive, profit-maximizing firm hires workers up to the point where the value of the marginal product of labor equals the wage. |
C. By hiring labor up to the point where the value of the marginal product of labor equals the wage, the firm is producing where price equals marginal cost. |
D. All of the above are correct. |
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