Marginal cost is defined as
a. the additional cost attributable to the last unit produced.
b. the change in fixed costs associated with the production of one more unit of output.
c. the difference between total revenue and total cost.
d. price times quantity.
a. the additional cost attributable to the last unit produced.
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Statistical discrimination is "rational" in the sense that it is consistent with profit maximization,
A. but if statistical evidence is used to exclusively hire or fire one race or another it is illegal. B. and as a result it is illegal. C. so it is weighed by the courts against how bad it looks. D. and as a result it is legal.
The economic expansion that began in 1991
a. lasted approximately five years. b. lasted approximately twelve years. c. lasted approximately nine years. d. was the longest expansion in U.S. history. e. was the second longest expansion in U.S. history.
When separate firms engaged in various stages of a production process are united under one ownership, the resulting combination is known as
A. a horizontal merger. B. a vertical merger. C. a conglomerate merger. D. a trust.
Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. The marginal product of the second worker is
A. 3. B. 4. C. 5. D. 9.