-What Is the Term for the Increase in Total Variable

question 131

Multiple Choice

-What is the term for the increase in total variable costs which results from the production of one more unit of output?

• A)Marginal cost.
• B)Total variable cost.
• C)Average variable cost.
• D)Total cost.

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Definitions:

Economic Growth

The increase in the production of goods and services in an economy over a period of time.

Microeconomics

Microeconomics is the branch of economics that focuses on the actions of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders.

Rate Of Inflation

The pace at which the general level of prices for goods and services is rising, eroding purchasing power.

Macroeconomics

The branch of economics that studies overall economic factors, such as national productivity, total national income, and the overall levels of prices and employment.