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