Marginal Cost Is Calculated by Dividing the Change in Total

question 94

True/False

Marginal cost is calculated by dividing the change in total cost by the change in total output.

---

Definitions:

Equilibrium

A state in a market where the quantity supplied equals the quantity demanded, leading to a stable situation where there is no tendency for change.

Economic Rents

Payments made to a factor of production in excess of what is needed to keep it in its current use.

Supply Of Land

The total available land that can be used for agriculture, construction, or other purposes, often considered fixed in the short term.

Price Of Land

The monetary value assigned to a piece of land based on its characteristics, location, and the market demand and supply.