Which of the following statements accurately describe the relationship between marginal revenue, marginal cost, and profit when hiring additional workers? Select all that apply.

When a company hires additional workers, it looks at how much extra money those workers can bring in, which is called marginal revenue. If the additional money earned from hiring a new worker is greater than the cost of hiring that worker, which is known as marginal cost, then the company can make a profit. For example, if a company hires a worker for $1,000 and that worker helps the company earn an extra $1,500, the marginal revenue is higher than the marginal cost, leading to a profit of $500. However, if the cost of hiring exceeds the revenue generated, the company will face a loss. Therefore, the key is to keep hiring workers until the marginal revenue equals the marginal cost to maximize profit.