1. What happens to the marginal cost curve when the marginal product of labor is rising?...
1. What happens to the marginal cost curve when the marginal product of labor is rising? A) It becomes vertical. B) It falls. C) It rises. D) It becomes horizontal.
2. The payment of wages by a firm is an example of: A) a long-run cost of production. B) an explicit cost of production. C) an irreversible cost of production. D) an implicit cost of production.
Homework Answers
a) when the marginal product of the labor is rising then the marginal cost will fall. As we are using less and less cost every extra labor to produce more goods. the answer is "B".
b) "B" wages are explicit cost of production for the firm.
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