Q.1.17 Marginal cost is defined by: (a) total cost increases when one more unit is produced. (b) fixed cost increases when one more unit is produced. (c) Total revenue increases when one more unit is produced. (d) average cost increases when one more unit is produced.

Q.1.17 Marginal cost is defined by: (a) total cost increases when one more unit is produced. (b) fixed cost increases when one more unit is produced. (c) Total revenue increases when one more unit is produced. (d) average cost increases when one more unit is produced.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter30: The Labor Market

Section: Chapter Questions

Problem 14E

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Question

Q.1.20 An upward-sloping labour supply curve illustrates that ceteris paribus;
(a) the quantity of labour supplied and the hours of work per week are
directly related.
(b) the quantity of labour supplied and the price of labour used to produce
output are inversely related.
(c) individuals use higher income to buy back leisure time.
(d) a greater quantity of labour would be supplied at higher wage rates

.
Q.1.17 Marginal cost is defined by:
(a) total cost increases when one more unit is produced.
(b) fixed cost increases when one more unit is produced.
(c) Total revenue increases when one more unit is produced.
(d) average cost increases when one more unit is produced.

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