The marginal resource cost of labor for a firm refers to the
A)additional cost of each additional unit of labor employed.
B)additional cost of producing each extra unit of output.
C)same concept as the marginal cost of the firm.
D)same concept as the marginal revenue product of a firm.

Question

Quizplus · Accepted Answer

The marginal resource cost of labor for a firm is the additional cost incurred by the firm for employing each additional unit of labor. This is distinct from the concepts of marginal cost of production, marginal revenue product, or any other cost or revenue metrics.

The Marginal Resource Cost of Labor for a Firm Refers