The marginal cost of labor for a perfectly competitive firm is given by:
a. the change in total revenue that results from employing an additional worker.
b. the market wage rate.
c. its marginal revenue product curve.
d. the demand curve for labor.
e. the marginal product of labor.
b
Economics
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Fill in the blank: ________ cost refers to the next-best option a person gives up when making a choice
A) Accounting B) Objective C) Efficient D) Opportunity E) Regrettable
Economics
In Figure 5.8, if the supply curve moves from S2 to S3,
A. the firm will go from making normal profits to a loss. B. the firm will go from making an economic profit to a normal profit. C. the firm will go from making an economic profit to a loss. D. the firm will make a smaller economic profit than they used to.
Economics