Ceteris Paribus,the Wages of Clerks Would Increase If There Was

question 79

Multiple Choice

Ceteris paribus,the wages of clerks would increase if there was a decrease in:

• A) the period of training required for clerk jobs.
• B) non-monetary "fringe" benefits received by clerks.
• C) the marginal revenue product of clerks.
• D) the cost of medical insurance benefits paid to clerks.

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Definitions:

MC, AVC, ATC Curves

Graphical representations in economics of the marginal cost, average variable cost, and average total cost, respectively, which firms use for production and pricing decisions.

Economies of Scale

Cost advantages that businesses obtain due to the scale of operation, with cost per unit of output generally decreasing with increasing scale.

Long-Run Average Total Cost Curve

A curve that shows the lowest average cost at which a firm can produce any given level of output in the long run, when all inputs are variable.

Declining Segment

A portion of a market that is experiencing a decrease in consumer demand or sales.