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In the short run, the owner of a firm should continue to hire additional units of...

In the short run, the owner of a firm should continue to hire additional units of labor until:

  1. the price of the product is equal to the wage rate divided by the marginal

    product of labor.

  2. the wage rate is equal to the price of the product multiplied by the marginal

    product of labor.

  3. the marginal product of labor is equal to the wage rate divided by the

    product price.

  4. Both a and c are correct.

  5. All of the above are correct

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