Economics A-Level
Marginal Cost of Labour (MCL)
What Marginal Cost of Labour (MCL) means in Economics A-Level, as defined for AQA.
Definition of Marginal Cost of Labour (MCL)
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Reference: AQA
A curve lying above the ACL curve because raising wages for all workers to attract an additional worker raises the cost of hiring.
Topics that use Marginal Cost of Labour (MCL)
- The determination of relative wage rates and levels of employment in imperfectly competitive labour markets (AQA A-Level)
Related terms
- Average Cost of Labour (ACL)
- Imperfect information
- Monopsony power
- Profit maximisation
- Trade unions
- Wage determination
- Collective bargaining
Using Marginal Cost of Labour (MCL) in the exam
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