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

---

Definitions:

Selection Sort

A simple, comparison-based sorting algorithm that divides the input list into two parts: the sorted part at the beginning and the unsorted part that remains, moving through the list by selecting the smallest or largest unresolved element.

Outer For Loop

The first loop in nested for-loops which controls the iteration of the inner loop, usually responsible for the broader range of iteration.

Sequential Search

An algorithm that checks each element in a data set one by one until the desired element is found or the end is reached.

Key Comparisons

The process of comparing important features or aspects of items, concepts, or data values to determine their relationships or differences.