Use the Following to Answer Questions

question 139

Multiple Choice

Use the following to answer questions:
-(Figure and Table: Variable, Fixed, and Total Costs) Look at the figure and table Variable, Fixed, and Total Costs. The marginal cost of increasing production from 84 to 91 bushels of wheat is:

• A) $13.00.
• B) $19.78.
• C) $22.22.
• D) $28.57.

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Definitions:

Inner Loop

In the context of the circular-flow diagram, it refers to the flow of goods and services from firms to households and the corresponding flow of money from households to firms.

Inputs And Outputs

The resources used in the production process (inputs) and the goods or services produced (outputs) in an economic system.

Production Possibilities Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology.

Available Resources

The assets, materials, and inputs that are available for use in the production of goods and services.