Total Cost Falls When Marginal Cost Is ________,And Total Cost

question 72

Multiple Choice

Total cost falls when marginal cost is ________,and total cost rises when marginal cost is ________.

• A) zero; negative
• B) zero; positive
• C) positive; negative
• D) negative; positive

Identify and record the correct entries for sales transactions inclusive of sales tax.

Understand the concept of scarcity and its implications for the allocation of resources in an economy.

Explain the importance and role of capital and labor as resources in economic production.

Comprehend the concept of opportunity cost and its relevance in economic decision-making.

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Definitions:

Performance Report

A document or record that outlines the performance outcomes, efficiency, and effectiveness of efforts over a defined period.

Profit Center

A segment or division within an organization directly responsible for generating profit through its operations and activities.

Responsibility Accounting

An accounting system that measures the results of each responsibility center, allowing for more effective planning and control within an organization.

Responsibility Reporting

An accounting system that collects, summarizes, and reports financial information about different responsibility centers within an organization.