Marginal Cost Is the

question 223

Multiple Choice

Marginal cost is the

• A)change in total cost resulting from the purchase of one more unit of the variable input.
• B)change in total cost resulting from the production of one more unit of output.
• C)difference between total fixed cost and total variable cost.
• D)difference between total cost and total expenditure.

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Definitions:

Material Items

Material items are physical objects that can be touched and owned, often used to fulfill needs or desires, including everything from personal belongings to commodities in trade.

Oldest-Old

Elderly adults (generally, those over age 85) who are dependent on others for almost everything, requiring supportive services such as nursing homes and hospital stays.

Infirm

Refers to a physical or mental weakness, often associated with aging or chronic illness, leading to reduced mobility or diminished health.

Cognitively Impaired

A term referring to individuals who have significant limitations in intellectual functioning and in adaptive behavior, which covers many everyday social and practical skills.