Answer the following questions true (T) or false (F)
1. The term "market" refers to trading arrangements by which buyers and sellers come together.
2. The additional cost to a producer of hiring an additional unit of labor is called the marginal cost.
3. Marginal benefit refers to the additional benefit that your activity provides to you.
1. TRUE
2. TRUE
3. TRUE
Economics
You might also like to view...
Comment on the following statement: "Diminishing marginal utility means that total utility falls when an additional unit of a good is consumed."
What will be an ideal response?
Economics
Compared to a competitive market, a firm that has a monopsony in a labor market would
A) hire fewer workers and pay higher wages. B) hire more workers and pay higher wages. C) hire more workers and pay lower wages. D) hire fewer workers and pay lower wages.
Economics