Refer to Table 21 The Marginal Cost of the Third Unit of Output in |

question 102

Multiple Choice

Refer to Table 21.5: Table 21.5
$\begin{array} { | c | c | c | c | c | c | } \hline \mathrm { Q } & \mathrm { TFC } & \mathrm { TVC } & \mathrm { TC } & \text { AVC } & \text { MC } \\\hline 0 & & & 15 & - & - \\\hline 1 & & & 23 & & \\\hline 2 & & & & & 4 \\\hline 3 & & 15 & & & \\\hline\end{array}$ The marginal cost of the third unit of output in Table 21.5 is

• A)$4.
• B)$3.
• C)$30.
• D)$15.

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Definitions:

English Colonists

Individuals from England who settled in areas of North America, eventually leading to the establishment of early American colonies in the 16th and 17th centuries.

Jamestown

The initial enduring settlement by the English in North America, founded in Virginia during the year 1607.

Headright System

A land grant policy that was used during the colonization of America, offering settlers a certain amount of land for each individual they brought over to the New World.

House of Burgesses

The first legislative assembly of elected representatives in North America, established by the Virginia Company in 1619.