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Question
| Number of Workers | Total Output | Number of Workers | Total Output |
| 0 | 0 | 6 | 945 |
| 1 | 200 | 7 | 1000 |
| 2 | 420 | 8 | 1025 |
| 3 | 620 | 9 | 1035 |
| 4 | 770 | 10 | 1040 |
| 5 | 870 |
Refer to the above table. The marginal factor cost of labor is $200. To get the firm to hire 8 workers, the
A) firm must be able to reduce wages below the marginal factor cost.
B) price of the good must be $8.
C) eighth worker must be at least as productive as the seventh worker was.
D) wage rate must be a fraction of the marginal factor cost of labor.
Answer
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