Exhibit 21-14 Assume That Labor Is the Only Variable Input and That

question 92

Multiple Choice

Exhibit 21-14
Assume that labor is the only variable input and that each additional laborer is paid $600.
Refer to Exhibit 21-14. What is the marginal cost of producing this good with 1 and 2 laborers working [blanks (E) and (F) ], respectively?

• A)$600; $300
• B)$60; $30
• C)$8; $12
• D)$6; $8

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Definitions:

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The head of the Catholic Church and ruler of the Vatican City from 1878 to 1903, known for addressing social issues and promoting the study of Thomism.

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An Italian poet, editor, and the founder of the Futurist movement, advocating for the rejection of tradition, the embrace of modernity, technology, and speed, significantly influencing early 20th-century art and politics.