When Labor Is the Only Variable Input Used in Production,marginal

question 8

Multiple Choice

When labor is the only variable input used in production,marginal cost [MC]:

• A)is inversely related to the marginal product of labor [MP_L].
• B)is inversely related to the wage rate [w].
• C)is positively related to MP_L.
• D)is negatively related to labor supply [S_L].

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Definitions:

Pyroclastic Eruption

A volcanic phenomenon involving the expulsion of hot gases, ash, and volcanic debris.

Dissolved Gas

Gases that are incorporated into magma and can expand, leading to explosive volcanic eruptions as pressure decreases.

Rhyolite

A mostly fine-grained, felsic igneous rock, generally of volcanic origin; can contain glass, volcanic ash, pieces of pumice, and variable amounts of visible crystals (phenocrysts).

Thermal Energy

The internal energy present in a system due to the random movements of its molecules or atoms.