© 2010 Pearson Addison-Wesley The firm maximizes its profit by hiring the quantity of labor at which VMP = the wage rate. If VMP exceeds the wage rate
{"Image DocumentName": "The Demand for a Factor of Production", "Image ImageDescription": "The firm maximizes its profit by hiring the quantity of labor at which VMP = the wage rate. If VMP exceeds the wage rate, the firm can increase profit by employing one more worker. If VMP is less than the wage rate, the firm can increase profit by firing one worker. Only if VMP = the wage rate is the firm maximizing profit.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}