Marginal cost
A) is the increase in total cost resulting from producing one more unit.
B) is the average cost of production divided by output.
C) equals the increase in AVC resulting from producing one more unit.
D) always equals average cost.
A) is the increase in total cost resulting from producing one more unit.
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The figure above shows the market for milk. The ________ price that producers must be offered to get them to produce 100 gallons of milk per day is ________
A) maximum; $2.50 B) minimum; $3.00 C) maximum; $4.00 D) minimum; $2.50
Total revenue cannot be derived from the demand curve or a demand schedule
a. True b. False Indicate whether the statement is true or false
Why is it more expensive to acquire a new house in an urban area than in a rural area if the costs of labor and building materials are the same?
Which of the following is most consistent with a market economy?
A.) Shortages. B.) Central planners. C.) Government directives. D.) Laissez faire.