Business, 06.03.2020 02:37 mariehart3097

The marginal productivity theory states that if a firm operates in a perfectly competitive factor market, it pays each factor of production its marginal revenue product. However, this theory may fail to hold if factor markets are not competitive.
One circumstance under which factor markets may fail to be competitive is if there is imperfect information.
Which of the following are ways in which firms seek to overcome information problems? Select all that apply.

a) Only hiring workers who have earned good grades in college.
b) Always hiring from the outside to avoid being accused of discrimination.
c) Promoting workers from within the company who have shown themselves to be productive, rather than hiring from outside.

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