Some examples from this set of practice questions
1.
What is marginal resource cost?
Answer: The additional cost of an additional resource (worker)
2.
In perfectly competitive labor markets, MRC =
Answer: The wage set by the market
3.
How do you calculate marginal resource cost?
Answer: [change in total cost]/[change in inputs]
4.
What are some characteristics of a perfectly competitive labor market?
Answer: Many small firms are hiring workers, there are many workers with identical skills, wages are constant, and workers are wage takers
5.
In a perfectly competitive labor market, firms continue to hire until MRP __ MRC
Answer: =
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