Marginal Costs

question 9

Multiple Choice

Marginal costs:

• A) Equal fixed costs plus variable costs.
• B) Equal average costs.
• C) Equal total cost per unit.
• D) Equal the extra cost of producing a unit.

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Definitions:

Prisoner's Dilemma

A situation in game theory where two individuals acting in their own self-interest pursue a course of action that does not result in the ideal outcome for either of them.

Cost-of-living Raises

Adjustments in salary or wages to counteract inflation, ensuring the purchasing power of an employee's income remains steady.

Equity

Refers to fairness or justice in the way people are treated.

Equality

The state of being equal, especially in status, rights, or opportunities, and often related to the fair treatment of individuals regardless of various differences.