If a Firm's Total Costs Are $100 When 10 Units

question 377

Multiple Choice

If a firm's total costs are $100 when 10 units of output are produced and $103 when 11 units of output are produced, the marginal cost of the 11th unit is

• A) $1.
• B) $3.
• C) $5.
• D) $9.36.

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Definitions:

Tommy Douglas

Known as the father of Medicare in Canada, he was a politician who significantly contributed to the establishment of universal health care in the country.

Medicare

A federal health insurance program in the United States for people who are 65 years or older, certain younger people with disabilities, and people with End-Stage Renal Disease.

Father

A father is a male parent or guardian of a child, contributing to the child's development and well-being through support, care, and guidance.

Socialized Medicine

In countries with socialized medicine, the government (1) directly controls the financing and organization of health services, (2) directly pays providers, (3) guarantees equal access to health care, and (4) allows some private care for individuals willing to pay for their medical treatment.