The price of labor per unit times the amount of labor used is called
A. labor input.
B. labor cost.
C. marginal labor.
D. marginal cost.
Answer: B
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Saving and taxes are considered leakages from the spending stream
a. True b. False
The key difference between oligopoly and other market structures is the interdependence among producers.
Answer the following statement true (T) or false (F)
The cartel consisting of Firm A and Firm B can become unstable if: a. the cost of production is identical for the two firms
b. the cost of production of Firm A is lower than that of Firm B. c. the cost of labor in the industry increases by 12 percent. d. both firms switch to a better method of production.
A tariff on a product makes
a. domestic sellers better off and domestic buyers worse off. b. domestic sellers worse off and domestic buyers worse off. c. domestic sellers better off and domestic buyers better off. d. domestic sellers worse off and domestic buyers better off.