In a Competitive Market Equilibrium the ________ Equals the ________

question 194

Multiple Choice

In a competitive market equilibrium the ________ equals the ________ of the last unit sold.

• A)total profit; marginal benefit
• B)total cost; marginal cost
• C)profit; selling price
• D)marginal benefit; marginal cost

---

Definitions:

Machine Operator

An individual responsible for running the machine effectively, performing maintenance, and ensuring smooth operation during the production process.

Direct Labor

Labor costs that can be easily traced to the production of specific goods or services.

Factory Overhead

Refers to the indirect costs associated with manufacturing, not directly tied to a specific unit of product, such as utilities and maintenance expenses.

Assembler's Wages

The compensation paid to workers responsible for assembling products or components in a manufacturing process.