Which of the following best describes marginal cost?
a. The sum of fixed cost and variable cost
b. Total cost divided by the quantity of output produced
c. Variable cost divided by the quantity of output produced
d. Change in total cost resulting from a one-unit change in output
d
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If a firm in a competitive labor market offers less than the market wage rate, it will
A. find that it has broken a federal wage law. B. find that the supply is greater than the demand. C. attract too few employees. D. be able to attract a large number of employees because the marginal revenue product is low.
The effects of a higher than expected price level are shown by
a. shifting the short-run aggregate supply curve right. b. shifting the short-run aggregate supply curve left. c. moving to the right along a given aggregate supply curve. d. moving to the left along a given aggregate supply curve.
Which statement is an example of complementary goods affecting demand?
a. When diets that limited bread became popular, sales of jelly dropped. b. When studies showed that fish contained toxins, sales of chicken rose. c. As the U.S. Hispanic population grew, sales of salsa increased. d. After a fashion model shared her diet secrets, yogurt sales went up.
Which of the following statements accurately describes the situation when 1 euro is valued at $2?
a. 2 euros can be exchanged for $1. b. $1 can be exchanged for 0.50 euro. c. 1 euro can be exchanged for $0.50. d. $1 can be exchanged for 1 euro.