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:

Culture

A complex ensemble of knowledge, beliefs, art, laws, customs, and any other capabilities and habits acquired by humans as members of society.

Freud's Psychoanalytic Theory

A theory introduced by Sigmund Freud which posits that human behavior is influenced by unconscious motivations, childhood experiences, and a tripartite structure of the mind (id, ego, and superego).

Physiological Psychology

A branch of psychology that studies the physiological bases of psychological processes.

Clinical Psychology

A branch of psychology that focuses on diagnosing and treating mental, emotional, and behavioral disorders.