Select the Appropriate Type of Cost for Each of the Definitions

question 63

Multiple Choice

Select the appropriate type of cost for each of the definitions listed below.
-remains constant on a per-unit basis within the relevant range

• A)variable
• B)fixed
• C)mixed
• D)step

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Definitions:

Diminishing Marginal Utility

Principle that as more of a good is consumed, the consumption of additional amounts will yield smaller additions to utility.

Utility Of Income

The perceived value or satisfaction that an individual gains from receiving a certain amount of income.

Income Function

A mathematical representation that shows how an individual's or firm's income changes in relation to other factors, such as labor or capital investment.

Identical Expected Values

Situations where two or more uncertain alternatives have the same expected outcome or result.