Marginal Cost

question 156

Multiple Choice

Marginal cost

• A) Is the change in total output from hiring one more factor of production.
• B) Is the change in total cost from producing one additional unit of output.
• C) Falls when there are diminishing returns.
• D) Is the change in the total cost when hiring one more factor of production.

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Definitions:

Units Of X

A generic term for measuring quantities of a variable or unspecified item, labeled as 'X'.

Exchanges Of X For Y

Transactions or trades where one good, service, or asset (X) is traded for another (Y).

Utility Function

An economic term describing how consumers rank different bundles of goods or levels of happiness.

Exchanges Of X For Y

Exchanges of X for Y refer to transactions where one item or service (X) is traded for another item or service (Y), highlighting the concept of barter or trade in economics.