APFIVE Comparing Factor Market Hiring Rules
Which of the following is a similarity between the least cost rule and the profit‐maximizing hiring condition in perfectly competitive factor markets?
A
Both focus exclusively on the marginal productivity of labor without considering capital.
B
Both require equating marginal benefits and marginal costs to achieve efficiency in input use.
C
Both ignore input price differences when making hiring decisions.
D
Both are applicable only in monopsonistic market situations.
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