The Determinants of Labor Supply Include

question 70

Multiple Choice

The determinants of labor supply include:

• A)culture,population,and other opportunities.
• B)supply of other factors,technology,and output prices.
• C)culture,supply of other factors,and technology.
• D)None of these statements is true.

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Definitions:

Marginal Social Cost

Marginal social cost is the total cost society bears for the production of an additional unit of a good or service, considering both private costs and any external costs.

Species Extinction

The permanent disappearance of a species from Earth.

Property Rights

Legal rights to possess, use, and dispose of assets, including land, buildings, and intellectual property.

Marginal Cost

The financial increase due to the production of an extra product or service unit.