The productivity of labor in a firm has decreased due to the recent retirement of many of the firm’s most skilled workers. assuming that the firm is a profit maximizer in a perfectly competitive situation, the firm will:
i. increase the average wage.
ii. decrease the average wage.
iii. reduce the number of worker-hours it hires.
iv. hire additional labor.
v. increase the number of worker-hours it hires.
a. statement i only.
b. statement iv only.
c. statements i and v only.
d. statements ii and iii only.
e. statement v only.
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