If information about the total cost is not given for every possible 1 unit change in quantity, marginal cost can still be computed as
a. the price of labor divided by the quantity of labor.
b. the price of labor divided by the marginal product of labor.
c. fixed cost divided by the marginal product of labor.
d. variable cost divided by the marginal product of labor.
b. the price of labor divided by the marginal product of labor.
You might also like to view...
The features of the U-Form of firm organization are
a. workers have trouble developing a high degree of functional expertise b. it is difficult for employees to share information across positions within a division c. employee evaluation is hampered by managers having different skill sets than workers d. coordination across divisions is essential and is a burden on management
Invention alone does not explain why free market societies have experienced such rapid rates of economic growth
a. True b. False Indicate whether the statement is true or false
________ is the price paid for the use of money.
A. Gold B. Fiscal policy C. Monetary policy D. The interest rate
Which of the following statements is generally true?
A) Rivalry is less the larger the number of firms in an industry. B) The smaller the number of firms in an industry, the greater the rivalry. C) The degree of rivalry in an industry is largely independent of the number of firms. D) The larger the number of firms in an industry, the greater the rivalry.