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Sagot :
The correct answer is : D- Marginal cost is equal to total cost divided by the quantity of output.
What is the short-term reality of marginal cost?
Some of the company's short-term costs are fixed regardless of the output level (e.g. buildings, machinery). Other expenses like labor and materials change with output and are therefore reflected in marginal cost.
Why is it likely that in the short term, the marginal product of labor will rise and then fall?
As the initial employees are hired, they may choose to specialize in the jobs for which they have the greatest aptitude, which raises the marginal product of labor. The workplace eventually becomes crowded and the productivity of extra workers decreases while the amount of capital remains constant.
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