A Firm's Demand for Labour Curve Is Also Called Its

question 237

Multiple Choice

A firm's demand for labour curve is also called its

• A) marginal revenue product of labour curve.
• B) marginal factor cost of labour curve.
• C) marginal valuation curve.
• D) marginal benefit of labour curve.

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Definitions:

Opportunity Cost

The value of the best alternative foregone as a result of making a particular choice or decision.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost compared to its competitors.

Monetary Cost

Refers to the explicit financial cost of conducting a business activity or completing a transaction, measured in units of currency.

Comparative Advantage

The ability of a party to produce a particular good or service at a lower opportunity cost than others, enabling trade benefits.