Average costs
a. fall at all levels of output
b. are falling when marginal costs are below average costs and rising when marginal costs are above average costs
c. are falling when marginal costs are above average costs and rising when marginal costs are below average costs
d. does not vary with output
b
Economics
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Refer to the below table. What is the firm's marginal labor cost of hiring the eleventh worker?
Monopsonist's employment schedule.
A. $24
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C. $150
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