Assuming a competitive resource market, a firm is hiring resources in the profit-maximizing amounts when the

A) firm's total outlay on resources is minimized.
B) marginal revenue product of each resource is equal to its price.
C) price of each resource employed is the same.
D) marginal revenue product of the last unit of each resource hired is the same.

Profit-Maximizing Amounts

The levels of output or operation at which a business achieves the highest possible profit, determined by analyzing costs and revenues.

Total Outlay

The total amount of money spent or investment made in acquiring an asset, completing a project, or pursuing an activity.

Marginal Revenue Product

measures the increase in revenue that results from the addition of one more unit of input while holding all other inputs constant.