When labor is the only input a firm uses,the marginal cost of a unit of output can be defined as

Name: When labor is the only input a firm uses,the marginal cost of a unit of output can be defined as
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The marginal cost of a unit of output is the additional cost of producing one more unit of output. When labor is the only input, this is calculated as the wage divided by the marginal product of labor, which gives the cost of the additional labor needed to produce one more unit of output.

When Labor Is the Only Input a Firm Uses,the Marginal