Asked by
Walancia Registre
on Nov 04, 2024Verified
The explanation for why marginal cost is positive and rising in the short run is ________ marginal product of labor in the production process.
A) a zero
B) a constant
C) an increasing
D) a diminishing
Marginal Cost
The cost incurred by producing one more unit of a product, which is pivotal for decision-making regarding production levels.
Marginal Product
Increment in production resulting from one extra unit of labor or capital.
Production Process
The method or sequence of operations involved in the conversion of inputs (like raw materials and labor) into finished goods or services.
- Recognize the relationship between the marginal product of labor and marginal cost.
Verified Answer
DB
Learning Objectives
- Recognize the relationship between the marginal product of labor and marginal cost.