Multiple Choice
Which of the following determines the shape of the marginal cost curve in the short run?
A) The marginal product of labor is first increasing and then decreasing
B) The wage rate first decreases and then increases throughout the range of output
C) The price of output produced by labor is first decreasing and then increasing
D) The presence of economies of scale in the product market
Correct Answer:
Verified
Correct Answer:
Verified
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