In the Short Run, the Marginal Cost of the First

question 99

Multiple Choice

In the short run, the marginal cost of the first unit of output is $20, the marginal cost of producing the second unit of output is $16, and the marginal cost of producing the third unit of output is $12. The firm's total variable cost of producing three units of output is

• A) $12.
• B) $16.
• C) $20.
• D) $48.

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Definitions:

Norm

A standard or rule of behavior that is considered typical or expected within a specific group or society.

Elevator

A platform or compartment housed in a shaft for raising and lowering people or goods between floors of a building.

Implicit Cultural Standard

Unwritten rules and expectations that govern behavior within a society, often absorbed unconsciously by its members.

Intersection

The point at which two or more paths, lines, or roads meet or cross each other.