____________ is the change in total cost that results from a one unit increase in output
Fill in the blank(s) with the appropriate word(s).
Answer: Marginal Cost
You might also like to view...
In Cambodia during the early 2000s, the illiteracy rate for girls between the ages of 15 and 24 was __________ and the illiteracy rate for males in this age group was ______________.
a. 86%; 88% b. 80%; 83% c. 67%; 70% d. 72%; 69%
Pollution is an example of:
A. Inefficiency by the polluting firm. B. Market failure. C. Government transfers. D. Economic instability.
The Commons Problem could be addressed by
A) charging a fee proportional to the use of the common property. B) charging a fee unrelated to the use of the common property. C) charging no fee. D) prohibiting the use of the common property.
Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $1, what changes in the market would result in an economically efficient output?
A) The price would increase, the quantity supplied would increase, and the quantity demanded would decrease. B) The price would increase, quantity demanded would increase, and quantity supplied would decrease. C) The quantity supplied would increase, the quantity demanded would decrease, and the equilibrium price would increase. D) The price would increase, the demand would increase, and the supply would decrease.