When Labour Is the Only Input a Firm Uses, the Marginal

question 57

Multiple Choice

When labour is the only input a firm uses, the marginal cost of a unit of output can be defined as:

• A)wage / (marginal product of labour)
• B)(marginal product of labour) / wage
• C)marginal revenue - wage
• D)marginal product of labour - wage

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Definitions:

Temperament Dimensions

Underlying personality traits that determine an individual's behavioral style and emotional responses from a young age.

Low Activity Level

A trait or condition characterized by a lower than average rate of physical movement or actions.

Phlegmatic

A temperament characterized by calmness, reliability, and a relaxed disposition, traditionally one of the four temperaments.

Kohlberg's Moral Reasoning

A theory that proposes the stages of moral development, suggesting that an individual's ability to reason about moral issues advances through distinct stages as they age.