Think totals: In a perfectly competitive labor market, the total labor cost curve, TLC
A) is upward sloping, and the marginal labor cost curve, MLC, is downward sloping
B) is downward sloping, and the marginal labor cost curve, MLC, is upward sloping
C) and the marginal labor cost curve, MLC, are both horizontal curves
D) is horizontal and the marginal labor cost curve, MLC, is upward sloping
E) is upward sloping, and the marginal labor cost curve, MLC, is horizontal
Correct Answer:
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