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The firm can afford to hire more workers

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Q: What can happen if the MRP is greater then a firm's MC?
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How does a firm know when it can afford to hire more workers?

if the MRP is greater than a firms MC


What can happen if the MRP is greater than a firm's MC?

The firm can afford to hire more workers.


A firm will only employ additional workers to which point?

to the point where MRP=MC


When the average total cost is at its minimum is it greater than MC equal to MC or smaller than MC?

Equal to MC.


Explain why the P equals MC rule is the same as the MR equals MC rule for perfectly competitive firms?

Perfectly competitive firms are price takers. This means that they can sell as much or as little as they want, but only at the going market price. When this happens, the market price is the same as their marginal revenue. Thus, P=MC is the same as P=MR.


When did MC Groovz Dance Craze happen?

MC Groovz Dance Craze happened in 2004.


If marginal revenue is zero total revenue remains unchanged?

Yes. This is because when MR is at 0, TR is at is maximum. Generally firms produce at MR=MC, therefore if MR < 0, then MC > MR and firms will not produce at the this point. And so when MR = 0, this will be the total level of revenue achieved, and so total revenue remains unchanged


What happen 2 the rapper Mc Brains?

he work at the 116th gas station on buckeye!!!!!!!!!!(cleveland ohio)


What happens when a purely competitive firms producing cashew discover that P exceeds MC?

Combined output is too little to achieve allocative efficiency. In the long run, supply will increase as firms enter to capture economic profits being earned. Supply increase will reduce the price of cashews.


How do you write mc scipt?

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Why does Net benefits increase when marginal benefits exceed marginal cost?

When Marginal benefit (MB) exceed Marginal cost (MC). The society values the additional unit of product more than the cost of producing it. In this case, Net benefit will increase as long as firms produces more until the point where MB = MC. (Because every additional output will add more to MB than to MC, Net benefit will rise)


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