BuyFind

Microeconomics: Private and Public...

16th Edition
James D. Gwartney + 3 others
Publisher: Cengage Learning
ISBN: 9781305506893
BuyFind

Microeconomics: Private and Public...

16th Edition
James D. Gwartney + 3 others
Publisher: Cengage Learning
ISBN: 9781305506893

Solutions

Chapter
Section
Chapter 12, Problem 5CQ
Textbook Problem

Are the following statements both correct? Are they inconsistent with each other? Explain.

  1. a. “Firms will hire a resource only if they can make money by doing so.”
  2. b. “In a market economy, each resource will tend to be paid according to its marginal product. Highly productive resources will command high prices, whereas less productive resources will command lower prices.”

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