Assume That Labor Is the Only Variable Input and That

question 166

Multiple Choice

Assume that labor is the only variable input and that the payment made to labor is denoted as W. The marginal product of labor can be stated as

• A) (W) × (MC).
• B) W/MC.
• C) MC/W.
• D) TC/W.

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Definitions:

Harmful Algal Blooms

Overgrowths of algae in water that can produce dangerous toxins, negatively affecting aquatic life, pets, and people, and harming the environment.

Nitrate

A compound containing nitrogen and oxygen, commonly found in fertilizers, and can lead to environmental concerns such as water pollution and eutrophication when present in high levels.

Phosphate

A salt or ester of phosphoric acid, commonly used in fertilizers, detergents, food additives, and for water treatment.

Degradable Wastes

Wastes that can break down into less harmful components over time through biological processes.