If Labor Is a Firm's Only Variable Input, Marginal Cost

question 9

Multiple Choice

If labor is a firm's only variable input, marginal cost ultimately depends on

• A)fixed cost
• B)how much profit is made
• C)the price of the good produced
• D)how much output each worker produces
• E)fixed cost per unit

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Definitions:

Nullification

The doctrine suggesting that states have the right to invalidate any federal law which they view as unconstitutional.

Exposition and Protest

A document or statement that clearly explains a position or viewpoint on a contentious issue, often used to articulate objection or dissent.

Virginia and Kentucky Resolutions

Statements drafted in 1798 and 1799, arguing that the U.S. states have the right to nullify federal laws considered unconstitutional, in response to the Alien and Sedition Acts.

Indian Removal

The 19th-century policy initiated by the U.S. government aimed at relocating Native American tribes from their ancestral homelands in the Southeast to territories west of the Mississippi River.