The Amount It Costs a Firm to Hire One More

question 128

Multiple Choice

The amount it costs a firm to hire one more worker is known as the

• A) marginal cost of labor.
• B) marginal factor cost.
• C) marginal product cost.
• D) marginal cost.

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Definitions:

Low-Income Families

Households earning significantly below the median income of a geographical area, often facing financial stress.

Equitable

Fair or impartial treatment, especially in the context of the distribution of wealth or opportunities.

Voluntary Exchange

A transaction where two parties trade goods or services by mutual agreement and benefit.

Better Off

A term used to describe a situation in which an individual, household, or group has improved economically, often as a result of higher income, greater wealth, or access to more goods and services.