If Skilled Labor Is Three Times the Cost of Unskilled

question 60

Multiple Choice

If skilled labor is three times the cost of unskilled labor, a profit-maximizing firm will vary the quantity of each type of labor until the

• A) marginal product of each is the same.
• B) amount of unskilled labor used is three times the quantity of skilled labor used.
• C) amount of unskilled labor used is one-third the quantity of skilled labor used.
• D) marginal product of unskilled labor is one-third that of skilled labor.

---

Definitions:

Spreadsheet

A spreadsheet is a digital tool that organizes data in rows and columns, commonly used for calculations, managing information, and data analysis.

Row and Column Format

A data arrangement method in matrices or spreadsheets, where information is systematically placed in rows and columns.

Microsoft Excel

A spreadsheet program developed by Microsoft, widely used for calculating, visualizing data, and performing various data analysis tasks.

Spreadsheet Program

A software application that enables users to organize, analyze, and store data in tabular form for various purposes including financial planning and managing information.