Marginal Cost

question 91

Multiple Choice

Marginal cost

• A) is the difference between total cost and total fixed cost.
• B) increases as the marginal product of labor increases.
• C) decreases as the average product of labor increases.
• D) is the change in total cost arising from a one-unit increase in output.
• E) equals the change in variable cost divided by the change in fixed cost when output increases by one unit.

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Definitions:

Human-Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Social-Capital

The interconnected web of interactions among individuals residing and operating within a specific community, facilitating the smooth functioning of that society.

Income Inequality

The uneven distribution of income within a population, leading to financial disparity among its members.

Official Definition

An explicitly stated and widely accepted explanation or meaning of a word or concept, often provided by a reputable or governing authority.