Marginal Cost Is Best Defined as

question 169

Multiple Choice

Marginal cost is best defined as

• A) a cost that does not vary with the rate of output.
• B) the difference between fixed and variable cost at any level of output.
• C) the amount added to total cost when one more unit of output is produced.
• D) the difference between price and average total cost at the profit-maximizing level of output.

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Definitions:

English Settlement

Refers to the establishment of communities and colonies by English people in foreign territories, notably in the Americas, during the 16th and 17th centuries.

Privateers

Armed private ships licensed to attack enemy shipping during wartime, functioning as a form of outsourced naval warfare.

Colonize

The act of establishing control over foreign lands and peoples, often involving settlement and economic exploitation, forming colonies that are subject to the colonizing nation.

Permanent Colonies

Historically established settlements in new territories that were maintained over long periods, often for economic and strategic reasons.