Marginal Cost Is

question 66

Multiple Choice

Marginal cost is

• A)the total cost of producing one unit of a good or service.
• B)the average cost of producing a good or service.
• C)the difference between the lowest price a firm would have been willing to accept and the price it actually receives.
• D)the additional cost to a firm of producing one more unit of a good or service.

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Definitions:

Population

The total population within a certain area or nation.

Fertility Rates

The average number of children born to a woman over her lifetime in a specific population.

Fertility Rates

The average number of children born to a woman over her lifetime within a population.

Developing Countries

Nations with a lower level of industrialization, lower standards of living, and lower Human Development Index (HDI) compared to developed countries.