A Firm's Long Run Marginal Cost Is

question 63

Multiple Choice

A firm's long run marginal cost is

• A) the change in long-run cost resulting from producing one more unit of output.
• B) the change in long-run fixed cost resulting from producing one more unit of output.
• C) the change in long-run variable cost resulting from producing one more unit of output.
• D) none of the above

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Definitions:

Sphincters

Circular muscles that constrict passages or openings in the body, regulating the flow of substances within various organs.

Cartilage

Firm, smooth, resilient, nonvascular connective tissue.

Fauces

Space between the cavity of the mouth and the pharynx.

Gastric Phase

A phase of digestion that occurs in the stomach, initiated by the presence of food, which triggers acid secretion and gastric enzyme activity.