Marginal Cost Is Defined as the Increase in Total Cost

question 109

Multiple Choice

Marginal cost is defined as the increase in total cost resulting from an increase in:

• A)1 unit of output.
• B)output of 100 units.
• C)a firm's plant size.
• D)1 unit of labour.

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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.

Inventory Investment

The change in the total value of unsold goods and materials held by businesses over a specific period.

GDP

Gross Domestic Product; the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

Government Bonds

Securities issued by a government to raise funds from the public to finance its activities and service its debt.