An Increase in the Wage Rate Will Have a Greater

question 11

Multiple Choice

An increase in the wage rate will have a greater effect on average costs

• A)the larger the proportion labor costs are of total costs and the easier it is to substitute capital for labor.
• B)the larger the proportion labor costs are of total costs and the harder it is to substitute capital for labor.
• C)the greater is the diminishing marginal product of labor.
• D)the greater are returns to scale.

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Definitions:

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A surgical procedure that creates an opening (stoma) from the large intestine to the abdominal surface to divert waste.

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A condition where stool becomes hard and dry, making it difficult to pass, and accumulates in the intestines or rectum.

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The act of physically extracting something with one's fingers, especially in a medical or surgical context.

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Abnormal condition of elevated pressure within an eye caused by obstruction of the outflow of aqueous humor. If untreated, it often results in peripheral visual loss, decreased visual acuity with difficulty adapting to darkness, and a halo effect around lights.