Suppose that the price of labor, the only variable input used in production, increases from $100 to$120 per day.

Question:

Suppose that the price of labor, the only variable input used in production, increases from $100 to$120 per day. The effect on costs will be:

a parallel shift in the total cost curve

a parallel shift in the fixed cost curve

a parallel shift in the marginal cost curve

a shift in total cost by different amounts for different quantities

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