Marginal cost is calculated as:
A. the change in output divided by the change in total costs.
B. the percentage change in total costs divided by the percentage change in output.
C. the change in total cost divided by the change in output.
D. total revenue minus total costs.
Answer: C
You might also like to view...
Which of the following leads to a deadweight loss? i. competition ii. taxes iii. consumer surplus iv. monopoly
A) ii only B) iii and iv C) i and ii D) ii and iv E) i, ii, and iii
What is consumer surplus? How is it measured?
What will be an ideal response?
In 1997, the Hong Kong government slaughtered 1.3 million chickens, ducks, and geese in hopes of protecting humans from contracting the virus carried by these fowls. The slaughter's effect on Hong Kong's economy, although minor, still shifted Hong Kong's
a. AS curve to the right, which would raise the price level and lower real GDP b. AS curve to the right, which would lower the price level and raise real GDP c. AS curve to the left, which would raise the price level and lower real GDP d. AD curve to the left, which would lower the price level and real GDP e. AD curve to the right, which would raise the price level and real GDP
Which of the following countries meets or exceeds the U.N.'s Millennium Aid Goal of 0.7 percent of donor country GDP?
A. Australia. B. Norway. C. The United Kingdom. D. Japan.