A firm's marginal factor cost describes
A) the increase in the firm's total revenue as one more unit of output is sold.
B) the change in total fixed cost that results from hiring one more unit of input.
C) the change in total variable cost that results from the production of an extra unit of output.
D) the change in total cost that results from using one more unit of an input.
Correct Answer:
Verified
Q14: The additional revenue earned from hiring one
Q15: The marginal revenue product is
A) the change
Q16: Marginal revenue product is
A) marginal physical product
Q17: When market wages increase in a perfectly
Q18: The additional cost associated with the hiring
Q20: The additional production resulting from hiring one
Q21: When the price of a product increases,
Q22: The firm's demand curve for labor is
A)
Q23: Which of the following statements about a
Q24: When increased demand raises the price of
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