The marginal cost of labor, MCL, is defined as the
A) total cost of producing a certain amount of output.
B) total cost of hiring an additional worker.
C) additional cost of hiring an additional worker.
D) additional fixed cost of producing an additional unit of output.
C
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What are the three motives for holding money?
A) the medium of exchange motive, the store of value motive, and the unit of account motive B) the transaction motive, the speculative motive, and the liquidity motive C) the transaction motive, the investment motive, and the liquidity motive D) the transaction motive, the speculative motive, and the precautionary motive
The above figure shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for cod, a common resource. The efficient outcome is ________
A) 0 tons per week B) 300 tons per week C) 400 tons per week D) None of the above answers is correct.