Which of the following best describes the marginal cost of labor?
A) The additional cost to the firm of the taxes, fringe benefits, and office space that one more worker will require.
B) The additional cost to the firm of hiring one more unit of labor.
C) The additional cost to the firm of producing the additional product that will be sold because of hiring one more unit of labor.
D) The cost paid by the consumer, through a higher price, when a firm must raise prices to cover the cost of hiring an additional employee.
Correct Answer:
Verified
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