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Question: The additional cost hiring one more unit of a resource  the additional units of output generated ...

Show transcribed image text The additional cost hiring one more unit of a resource the additional units of output generated by hiring one more unit of a resource calculated by multiplying marginal revenue by the price of a resource the expected additional revenue generated by hiring one more unit of a resource calculated by multiplying marginal revenue by the marginal resource cost of a resource As the relative price paid to a resource in a particular use rises, resources will be drawn from lower-valued uses to higher-valued uses

The additional cost hiring one more unit of a resource the additional units of output generated by hiring one more unit of a resource calculated by multiplying marginal revenue by the price of a resource the expected additional revenue generated by hiring one more unit of a resource calculated by multiplying marginal revenue by the marginal resource cost of a resource As the relative price paid to a resource in a particular use rises, resources will be drawn from lower-valued uses to higher-valued uses