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Is it true that in a short-run production process, the marginal cost curve eventually slopes upward because firms have to pay workers a higher wage
Is it true that in a short-run production process, the marginal cost curve eventually slopes upward because firms have to pay workers a higher wage rate as they produce more output? As a future graduate that will enter the labor market, correlate the discussion of higher wages from the employer with the possibility of diminishing returns from attaining your college degree. Explain your answer.
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