What is the meaning of the term marginal cost?
a. The cost of producing an average unit
b. The cost of the first and last units
c. The cost of producing one more unit
d. The total cost of all units produced
c. The cost of producing one more unit
Marginal cost is the additional cost of producing one more unit of output. Marginal cost can be calculated by dividing the change in total cost by the change in quantity.
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In the above figure, a(n) ________ would be set ________
A) effective minimum wage; above $6.00. B) union wage; above $9.00 but would not affect the natural rate of unemployment. C) efficiency wage; below $9.00 D) efficiency wage; above $6.00. E) efficiency wage; above $9.00 and would increase the natural rate of unemployment
In 2011, total output of goods and services in the United States was approximately
a. $10 trillion. b. $12 trillion. c. $15 trillion. d. $20 trillion.
When talking about a coupon bond, face value and ________ mean the same thing
A) par value B) coupon value C) amortized value D) discount value
According to the AK growth model, taxes on corporate income and capital gains ________ the incentive for firms to accumulate capital and ________ the steady-state growth rate
A) increase; increase B) reduce; reduce C) increase; do not change D) reduce; do not change