In the Short Run, the Marginal Cost of the First

question 121

Multiple Choice

In the short run, the marginal cost of the first unit of output is $20, the average variable cost of producing three units of output is $16, and the marginal cost of producing the second unit of output is $16. What is the marginal cost of producing the third unit of output?

• A) $12
• B) $16
• C) $20
• D) $48

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Definitions:

Validity

The extent to which a test measures what it claims to measure.

Reliable

The quality of being consistently good in quality or performance, able to be trusted.

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Fetal Alcohol Syndrome

A condition in a child that results from alcohol exposure during the mother's pregnancy, causing growth, mental, and physical problems.