Which of the Following Represents the Change in Total Cost

question 122

Multiple Choice

Which of the following represents the change in total cost that results from a one-unit increase in production?

• A)Marginal profit.
• B)Total revenue.
• C)Marginal cost.

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Definitions:

Trade Liberalization

The process of reducing tariffs, quotas, and other barriers to allow for the free flow of goods between countries.

Trade Agreements

Formal arrangements between countries to regulate tariffs, quotas, and other trade restrictions to facilitate and encourage international trade.

Trade Barriers

Government-imposed regulations such as tariffs, quotas, and embargoes that restrict the free flow of goods and services between countries.