Marginal cost is defined as
A. the rate at which fixed cost changes with output.
B. the rate at which total variable cost changes with output.
C. total cost minus variable cost.
D. the rate at which average cost changes with output.
Answer: B
You might also like to view...
Which of the following workers is most likely to lose his/her job during a recession?
A. Barber B. Farmer C. Baker D. Construction worker
The above figure shows the Lorenz curves for four different countries. Which of the following statements CANNOT be made on the basis of the graph?
A) Incomes are distributed unequally in all four countries. B) Income distribution in country D is the most unequal among the four countries. C) Incomes are higher in country A than in country B. D) Income distribution is more equal in country B than in country D.
Experiencing the winner's curse in a common-value auction means
a. You lost money in the auction b. You bid too low c. Your estimate of the value of the good being auctioned was too optimistic d. Your estimate of the value of the good being auctioned was too pessimistic
If marginal costs are virtually zero after initial units are produced
A) inventors need to sell lots of units to make money. B) inventors need to be paid upfront. C) inventors need to sell their patents. D) none of these choices.