If all workers are hired at the same price, the marginal cost of producing each extra unit of output falls provided the ______ of each additional worker is rising.

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12-07-2022
Business

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If all workers are hired at the same price, the marginal cost of producing each extra unit of output falls provided the ______ of each additional worker is rising.

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Tundexi Tundexi · Answer 1 · 2022-07-13T17:06:18+02:00

When workers are hired at the same price, the MC of producing extra unit of output falls provided the marginal product of each additional worker is rising.

What is a marginal product?

For an input, it refers to the extra output that results from addition of one unit of the input to the existing combination of the productive factors.

Hence, whenever the workers are hired at the same price, the MC of producing extra unit of output falls provided the marginal product of each additional worker is rising.