Marginal Costs

question 46

Multiple Choice

Marginal costs:

• A) are minor, insignificant costs.
• B) are associated with each additional unit produced.
• C) are the costs incurred as a result of choosing one option over another.
• D) are constant and do not vary according to production volume.
• E) are also known as overhead.

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Definitions:

Assimilating

The process of absorbing new information into our previously existing schemas or understanding, especially noted in the context of learning and cognitive development.

Transitivity

In mathematics, a property indicating that if a relation holds between a and b, and b and c, then it also holds between a and c. In linguistics, it refers to a property of verbs that require both a subject and one or more objects.

Principle

A fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning.

Arbitrary

Based on random choice or personal whim, rather than any reason or system.