Suppose the short-run production function is q = 10 ? L. If the wage rate is $10 per unit of labor, then MC equals

The condition that requires MRTS for each input pair to equal the ratio of their marginal costs is known as ________ efficiency, and the condition that requires MRS for each output pair to equal their output price ratio is known as ________

efficiency. A) economic, market B) micro, macro C) cost, revenue D) technical, output

An essential point, among many, in the refutation of the "cheap foreign labor" argument is that

a. foreign workers have a lower standard of living. b. foreign workers are less productive. c. low foreign wages mean fewer exports for the United States. d. the United States does not benefit from cheap foreign labor so the goods should be kept out.