If the Total Cost of 20 Units of a Product

question 419

Multiple Choice

If the total cost of 20 units of a product is $20, and the total cost of 21 units is $21, then from 20 to 21 units of product the

• A)marginal cost is decreasing.
• B)marginal cost equals average total cost.
• C)marginal cost equals average variable cost.
• D)average total cost equals average variable cost.

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Definitions:

Moby Dick

A novel by Herman Melville, considered an American classic, which narrates the obsessive quest of Ahab, captain of the whaling ship Pequod, for revenge on Moby Dick, a giant white sperm whale.

Whaling Industry

denotes the historical practice of hunting whales for their oil, meat, and whalebone, which played a significant economic role until the 20th century before facing global opposition due to conservation efforts.

Industrialization

The transformation of economies from agrarian-based systems to those dominated by industry and machine manufacturing, marking significant shifts in societal structures.

Whitman

Walt Whitman, an American poet, essayist, and journalist, best known for his poetry collection "Leaves of Grass", which was groundbreaking for its celebration of the human spirit and sexuality.