If variable cost rises from $60 to $100 as output increases from 15 to 20 units, the marginal cost of the twentieth unit
a. is $100
b. is $5
c. is $40
d. is $8
e. cannot be determined without total cost
D
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Regulators employ average cost pricing instead of marginal cost pricing because
A) average cost pricing is more efficient than marginal cost pricing. B) price must be high enough to cover all opportunity costs if the firm is to stay in business. C) the price is lower with average cost pricing. D) average cost pricing is simpler to compute than marginal cost pricing.
Since 1970, the poverty rate has
A. been low in good times and high in bad times. B. been high in good times and low in bad times. C. decreased steadily and constantly in good times and bad. D. increased steadily and constantly in good times and bad.
If a person is taxed $1,000 on an income of $10,000 . taxed $2,000 on an income of $20,000 . and taxed $3,000 on an income of $30,000 . this person is paying a(n):
a. progressive tax. b. regressive tax. c. proportional tax. d. poll tax. e. excise tax.
In labor markets, risk taking accounts for some income differences.
Answer the following statement true (T) or false (F)