When a firm's only input is labour,what can the marginal cost of a unit of output be defined as

Question

Quizplus · Accepted Answer

When a firm's only input is labour, the marginal cost of a unit of output can be defined as the wage divided by the marginal product of labour. This is because the only cost the firm incurs in producing output is the wage it pays to the worker. The marginal product of labour measures the additional output that is produced when an additional unit of labour is added. By dividing the wage by the marginal product of labour, we can determine the cost of producing each additional unit of output, which is the marginal cost. Therefore, the best answer is C.

When a Firm's Only Input Is Labour,what Can the Marginal