The Addition to Total Cost Resulting from the Addition of the Last

question 39

Multiple Choice

The addition to total cost resulting from the addition of the last unit of output is the ________ cost.

• A) total variable
• B) average variable
• C) fixed
• D) implicit
• E) marginal

Analyze the impact of supply and demand shifts on market equilibrium.

Recognize the concept of equilibrium price and quantity in the market.

Understand the outcomes of market disequilibrium.

Appreciate the role and impact of price ceilings and price floors.

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