The Change in Total Cost Given a Change in Output

question 61

Multiple Choice

The change in total cost given a change in output is also known as ________ cost.

• A) differential
• B) marginal
• C) average
• D) short-run
• E) long-run

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Definitions:

Quantity Supplied

Quantity supplied refers to the amount of a good or service that producers are willing and able to sell at a given price over a specific period.

Rationing Gasoline

Rationing gasoline is a control measure where the government limits the amount of gasoline that consumers can purchase, usually in response to supply shortages.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price level in a given time period.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a given time period.