The change in total cost resulting from a one-unit increase in the change in quantity is:
A. average variable cost.
B. marginal cost.
C. average total cost.
D. opportunity cost.
Answer: B
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If labor contracts prevent wage flexibility, the aggregate supply curve will be
A) vertical. B) horizontal. C) negatively sloped. D) positively sloped.
An increase in the price of one good can cause the demand for another good to increase if the goods are complements.
Answer the following statement true (T) or false (F)
The United Nations, in its annual publication of the Human Development Report, computes what it calls the human development index. If the purpose of this index is to measure development rather than growth, which of the following factors is most likely to be included in it?
A. Size of the capital stock B. Number of workers in the labor force C. Availability of natural resources D. Literacy rate
Compared to perfect competition, a monopolistically competitive market will produce ________ output and charge a ________ price
A) more; higher B) more; lower C) less; higher D) less; lower