A Firm's Marginal Cost Is The

question 195

Multiple Choice

A firm's marginal cost is the:

• A)ratio of the change in fixed cost to the change in the quantity of output.
• B)slope of the total cost curve.
• C)slope of the average variable cost curve.
• D)ratio of the change in total output to the change in the quantity of labor.

---

Definitions:

Expected Expenses

Anticipated costs or expenditures that a company or individual forecasts to occur over a specific period, based on historical data and projected budgets.

Raw Materials Inventory

Raw materials inventory accounts for the total cost of all components and materials that are yet to be used in the manufacturing process.

Budgeted Production

The quantity of products a company plans to produce over a specific period, based on forecasted sales and inventory levels.

Materials Needed

The raw goods and components required for the manufacturing or production of products.