In an Increasing-Cost Industry,the Slope of the Long-Run Supply Curve

question 12

Multiple Choice

In an increasing-cost industry,the slope of the long-run supply curve is _____.

• A)zero
• B)negative
• C)positive
• D)infinity

Identify legal and regulatory frameworks governing employee benefits in Canada.

Recognize the impact of employee benefits on retention and attraction of employees.

Understand the financial management of benefit plans including cost control mechanisms.

Analyze the importance and methods of benefit audits for organizational efficiency.

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Definitions:

Marginal Revenue Product

The extra income produced by using an additional unit of a production input.

Marginal Revenue Product

The additional revenue generated from employing one more unit of a factor of production, such as labor or capital.

Marginal Revenue Product Curve

A graph that illustrates the additional revenue generated from employing one more unit of a resource.

Variable Input

relates to a production factor that can be adjusted in the short term to change the level of output, such as labor or raw materials.