Marginal cost is defined as the increase in total cost resulting from an increase in
a. one unit of output.
b. output of 100 units.
c. a firm's plant size.
d. one unit of labor.
A
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An increase in input prices will cause the aggregate supply curve to shift rightward
a. True b. False Indicate whether the statement is true or false
As an individual consumes more of a particular good, the total level of utility derived from that consumption usually
A) increases at a constant rate. B) increases at an increasing rate. C) increases at a decreasing rate. D) decreases at an increasing rate.
U.S. government regulation of social and economic activity
A. has increased steadily since 1970. B. is confined to antitrust law. C. only began after World War II. D. costs less now than it did in the 1980s.
A profit-maximizing firm's daily total revenue is $155 with 3 workers, $200 with 4 workers, and $230 with 5 workers. The cost of each worker is $40 per day. The firm should:
A. Not hire a fourth worker B. Hire four workers C. Hire five workers D. Hire more than five workers