Marginal cost is calculated for a particular increase in output by
A) multiplying the total cost by the change in output.
B) multiplying the change in total cost by the change in output.
C) dividing the total cost by the change in output.
D) dividing the change in total cost by the change in output.
Answer: D
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The total revenue of a perfectly competitive firm is calculated by
A) multiplying average revenue by price. B) dividing price by quantity. C) multiplying price by quantity. D) multiplying quantity by average total cost.
Which of the following statements about economic growth is true?
What will be an ideal response?
The act of firms working together to make decisions about price and quantity is called:
A. bulk ordering. B. artificial competition. C. collusion. D. price discrimination.
The exchange rate is a key price that affects international trade flows of goods and services and international financial flows.
Answer the following statement true (T) or false (F)