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ahyukj ahyukj
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10 months ago

When firm A hires one worker it pays $10 an hour and its total labor cost is $10. When it hires a second worker, it has to pay $11 to each of its two workers and its total labor cost is $22. When it hires a third worker, it has to pay $12 to each of its three workers and its total labor cost is $36. For firm A,



▸

its marginal factor cost is greater than the wage rate it pays, except for the first worker it hires.



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its marginal factor cost is greater than the wage rate it pays, except for the first two workers it hires.



▸

its supply curve of labor lies above its marginal factor cost curve.



▸

it is likely that marginal revenue product is always greater than marginal factor cost.



▸

none of the above

Textbook 
Economics

Economics


Edition: 12th
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jchang19jchang19
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10 months ago
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